https://www.taxtmi.com/caselaws?id=39670 Carry forward of business loss under section 24(2)(iii) of the Indian Income-tax Act, 1922 is available only if the business in which the loss arose continues to be carried on in the later year. Clause (iii) operates only after the loss has first qualified under the earlier sub-clauses, so an unadjusted loss from a business that has ceased to exist cannot be set off in subsequent years. The Allahabad HC held that losses from the discontinued manufacturing business were not eligible for carry forward or later adjustment, and answered the reference against the assessee and in favour of the Revenue. en-us Thu, 09 Aug 1973 00:00:00 +0530 Mon, 19 Apr 2010 16:07:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39670 Carry forward of business loss under section 24(2)(iii) of the Indian Income-tax Act, 1922 is available only if the business in which the loss arose continues to be carried on in the later year. Clause (iii) operates only after the loss has first qualified under the earlier sub-clauses, so an unadjusted loss from a business that has ceased to exist cannot be set off in subsequent years. The Allahabad HC held that losses from the discontinued manufacturing business were not eligible for carry forward or later adjustment, and answered the reference against the assessee and in favour of the Revenue. Case-Laws Income Tax Thu, 09 Aug 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39670