https://www.taxtmi.com/caselaws?id=273233 Section 24 of the Income-tax Act, 1922 is explained as an integrated scheme: sub-section (1) permits same-year set-off of a loss, sub-section (2) allows carry forward only of the balance after that set-off, and sub-section (3) is merely a machinery provision for notifying an already qualifying loss. The analysis emphasises that the loss must first be ascertained and satisfy the substantive conditions in sub-sections (1) and (2) before notification can arise. On that view, an assessee who did not file a return for the earlier year cannot use sub-section (3) to compel ascertainment of that loss for later carry forward or set-off. en-us Wed, 29 Aug 1956 00:00:00 +0530 Tue, 12 Jun 2018 17:35:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273233 Section 24 of the Income-tax Act, 1922 is explained as an integrated scheme: sub-section (1) permits same-year set-off of a loss, sub-section (2) allows carry forward only of the balance after that set-off, and sub-section (3) is merely a machinery provision for notifying an already qualifying loss. The analysis emphasises that the loss must first be ascertained and satisfy the substantive conditions in sub-sections (1) and (2) before notification can arise. On that view, an assessee who did not file a return for the earlier year cannot use sub-section (3) to compel ascertainment of that loss for later carry forward or set-off. Case-Laws Income Tax Wed, 29 Aug 1956 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273233