https://www.taxtmi.com/caselaws?id=286746 Carried-forward loss under the Income-tax Act, 1922 had to be set off against the year's profits before applying the section 15C exemption. The Bombay HC held that section 15C granted only a partial exemption from payment of tax and did not exclude the income from computation of total income. In the absence of an express provision giving section 15C priority over the carry-forward loss set-off under section 24(2), the normal sequence of assessment remained unchanged. The set-off therefore came first, and the assessee could not insist on the exemption before adjustment of the prior year loss. 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 Carried-forward loss under the Income-tax Act, 1922 had to be set off against the year's profits before applying the section 15C exemption. The Bombay HC held that section 15C granted only a partial exemption from payment of tax and did not exclude the income from computation of total income. In the absence of an express provision giving section 15C priority over the carry-forward loss set-off under section 24(2), the normal sequence of assessment remained unchanged. The set-off therefore came first, and the assessee could not insist on the exemption before adjustment of the prior year loss. Case-Laws Income Tax Tue, 30 Jun 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286746