https://www.taxtmi.com/caselaws?id=22620 Long-term capital loss relating to an assessment year up to 1961-62 retained the eight-year carry-forward benefit under the 1922 Act, because section 74 of the Income-tax Act, 1961 applied the four-year limit only to losses arising under that Act. Legislative material indicated that earlier losses were not intended to lose the existing advantage, and the procedural machinery in section 297(1)(b) did not affect that substantive right. Computation of the loss under the 1961 Act was therefore immaterial to the period of carry forward. en-us Fri, 25 Jan 1991 00:00:00 +0530 Fri, 11 Dec 2009 14:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22620 Long-term capital loss relating to an assessment year up to 1961-62 retained the eight-year carry-forward benefit under the 1922 Act, because section 74 of the Income-tax Act, 1961 applied the four-year limit only to losses arising under that Act. Legislative material indicated that earlier losses were not intended to lose the existing advantage, and the procedural machinery in section 297(1)(b) did not affect that substantive right. Computation of the loss under the 1961 Act was therefore immaterial to the period of carry forward. Case-Laws Income Tax Fri, 25 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22620