https://www.taxtmi.com/caselaws?id=37715 The High Court of Madhya Pradesh ruled in favor of the department, denying the assessee-firm's claim to carry forward and set off unabsorbed losses from previous years against its income for the assessment year 1970-71. The court emphasized the strict interpretation of section 75 of the Income Tax Act, which governs the treatment of losses for registered firms. It held that the provision does not permit a registered firm to carry forward losses in certain circumstances, rejecting the argument for a liberal construction of the statute. The court's decision did not address the treatment of depreciation losses under a separate section. en-us Thu, 19 Oct 1978 00:00:00 +0530 Wed, 31 Mar 2010 15:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37715 The High Court of Madhya Pradesh ruled in favor of the department, denying the assessee-firm's claim to carry forward and set off unabsorbed losses from previous years against its income for the assessment year 1970-71. The court emphasized the strict interpretation of section 75 of the Income Tax Act, which governs the treatment of losses for registered firms. It held that the provision does not permit a registered firm to carry forward losses in certain circumstances, rejecting the argument for a liberal construction of the statute. The court's decision did not address the treatment of depreciation losses under a separate section. Case-Laws Income Tax Thu, 19 Oct 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37715