https://www.taxtmi.com/caselaws?id=6834 Loss attributable to income exempt under section 4(3)(xii) could not be set off against income under other heads under section 24(1). The exemption was treated as absolute for the relevant period, so no taxable computation of income or loss from the building arose under section 9. Section 24(1) applies only to losses of profits or gains under a chargeable head in section 6; a loss linked to exempt income is not a loss of taxable profits. Authorities cited for the assessee were distinguished because they did not establish any general right of set-off for exempt-income losses. en-us Thu, 23 Dec 1965 00:00:00 +0530 Fri, 06 Feb 2009 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6834 Loss attributable to income exempt under section 4(3)(xii) could not be set off against income under other heads under section 24(1). The exemption was treated as absolute for the relevant period, so no taxable computation of income or loss from the building arose under section 9. Section 24(1) applies only to losses of profits or gains under a chargeable head in section 6; a loss linked to exempt income is not a loss of taxable profits. Authorities cited for the assessee were distinguished because they did not establish any general right of set-off for exempt-income losses. Case-Laws Income Tax Thu, 23 Dec 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6834