https://www.taxtmi.com/caselaws?id=286855 Carry forward and set-off under section 24(2) is unavailable where the loss arose during a period when the local law did not recognise or compute that loss; the loss must have been capable of set-off under the law in force at the time it arose, otherwise a subsequently extended tax statute cannot treat it as eligible for carry forward. As applied here, losses alleged to have arisen during enemy occupation outside taxable territory had no recognition under any local tax law at the relevant time and therefore furnished no basis for set-off or carry forward under the later-applicable Act. en-us Thu, 16 Nov 1961 00:00:00 +0530 Wed, 18 Mar 2020 16:58:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286855 Carry forward and set-off under section 24(2) is unavailable where the loss arose during a period when the local law did not recognise or compute that loss; the loss must have been capable of set-off under the law in force at the time it arose, otherwise a subsequently extended tax statute cannot treat it as eligible for carry forward. As applied here, losses alleged to have arisen during enemy occupation outside taxable territory had no recognition under any local tax law at the relevant time and therefore furnished no basis for set-off or carry forward under the later-applicable Act. Case-Laws Income Tax Thu, 16 Nov 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286855