https://www.taxtmi.com/caselaws?id=286746 For assessment purposes, brought forward losses must be set off against the profits of the relevant year before applying an exemption that relieves payment of tax. The legal principle applied distinguishes deductions in computing total income (including set off of prior year losses and allowance for unabsorbed depreciation) from exemptions that operate as reliefs against the tax liability; accordingly, computation of total income and deduction of carried forward losses occurs first, tax is then ascertained, and only thereafter an exemption from payment of tax is applied as a post computation relief. en-us Tue, 30 Jun 1959 00:00:00 +0530 Fri, 13 Mar 2020 15:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286746 For assessment purposes, brought forward losses must be set off against the profits of the relevant year before applying an exemption that relieves payment of tax. The legal principle applied distinguishes deductions in computing total income (including set off of prior year losses and allowance for unabsorbed depreciation) from exemptions that operate as reliefs against the tax liability; accordingly, computation of total income and deduction of carried forward losses occurs first, tax is then ascertained, and only thereafter an exemption from payment of tax is applied as a post computation relief. Case-Laws Income Tax Tue, 30 Jun 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286746