https://www.taxtmi.com/caselaws?id=7980 Under section 15C of the Indian Income-tax Act, 1922, the Delhi HC treated the exemption as confined to the assessment year in which profits or gains arose from the industrial undertaking. It held that the provision created a tax exemption, not an accumulated balance of unabsorbed exemption available for later years, and that carry forward was permissible only where the Act expressly so provided, as in section 24. In the absence of express language authorising carry forward or carry back, the exemption could not be extended by equity or presumed intent. The later carry-forward scheme in section 80J of the 1961 Act was treated as a separate regime and did not change the meaning of section 15C. en-us Tue, 08 Sep 1970 00:00:00 +0530 Thu, 26 Mar 2009 13:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7980 Under section 15C of the Indian Income-tax Act, 1922, the Delhi HC treated the exemption as confined to the assessment year in which profits or gains arose from the industrial undertaking. It held that the provision created a tax exemption, not an accumulated balance of unabsorbed exemption available for later years, and that carry forward was permissible only where the Act expressly so provided, as in section 24. In the absence of express language authorising carry forward or carry back, the exemption could not be extended by equity or presumed intent. The later carry-forward scheme in section 80J of the 1961 Act was treated as a separate regime and did not change the meaning of section 15C. Case-Laws Income Tax Tue, 08 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7980