https://www.taxtmi.com/caselaws?id=8489 Carry forward and set-off of business losses are governed by the law in force on the first day of the relevant assessment year, so amendments affecting future assessment consequences apply to that year unless a contrary intention appears. On that basis, the Finance Act, 1957 controlled the assessment year 1960-61, and the assessee could not set off the unabsorbed loss from assessment year 1950-51 against business income for 1960-61 because the amended provision governed the allowance of earlier losses. en-us Thu, 25 Mar 1971 00:00:00 +0530 Mon, 27 Apr 2009 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8489 Carry forward and set-off of business losses are governed by the law in force on the first day of the relevant assessment year, so amendments affecting future assessment consequences apply to that year unless a contrary intention appears. On that basis, the Finance Act, 1957 controlled the assessment year 1960-61, and the assessee could not set off the unabsorbed loss from assessment year 1950-51 against business income for 1960-61 because the amended provision governed the allowance of earlier losses. Case-Laws Income Tax Thu, 25 Mar 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8489