https://www.taxtmi.com/caselaws?id=168670 Loss carry-forward after extension of the Indian Income-tax Act to Travancore-Cochin is governed by the law applicable in the assessment year, and section 3 of the Taxation Laws (Part B States) (Removal of Difficulties) Order, 1950 was read as preserving, rather than curtailing, the benefit of section 24(2); the assessee could therefore carry forward the loss for six years. On the lease compromise receipt, compensation for termination of the lease, which destroyed the source of income, was capital and not taxable, while compensation for breach of a restrictive covenant against competition was revenue and assessable to tax. en-us Fri, 31 Oct 1958 00:00:00 +0530 Sat, 21 Mar 2015 10:12:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168670 Loss carry-forward after extension of the Indian Income-tax Act to Travancore-Cochin is governed by the law applicable in the assessment year, and section 3 of the Taxation Laws (Part B States) (Removal of Difficulties) Order, 1950 was read as preserving, rather than curtailing, the benefit of section 24(2); the assessee could therefore carry forward the loss for six years. On the lease compromise receipt, compensation for termination of the lease, which destroyed the source of income, was capital and not taxable, while compensation for breach of a restrictive covenant against competition was revenue and assessable to tax. Case-Laws Income Tax Fri, 31 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168670