https://www.taxtmi.com/caselaws?id=16020 The High Court held that the taxed amount of Rs. 74,450 cannot be deducted from the carried forward losses of the assessee, as sub-section (2) of section 115J of the Income-tax Act, 1961, does not allow for such adjustment. The Court emphasized that the legislative intent of the provision was not to automatically offset taxed income against losses, ruling in favor of the assessee in the interpretation of the section. en-us Sat, 31 Jul 1999 00:00:00 +0530 Mon, 31 Aug 2009 15:23:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16020 The High Court held that the taxed amount of Rs. 74,450 cannot be deducted from the carried forward losses of the assessee, as sub-section (2) of section 115J of the Income-tax Act, 1961, does not allow for such adjustment. The Court emphasized that the legislative intent of the provision was not to automatically offset taxed income against losses, ruling in favor of the assessee in the interpretation of the section. Case-Laws Income Tax Sat, 31 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16020