https://www.taxtmi.com/caselaws?id=40078 Under the Excess Profits Tax Act, deficiency of profits can be set off only if it arises in the relevant accounting period as computed on the annual income-tax basis. Profits and losses are determined by the accounting period, not by a notional split between manufacturing and sale across different periods. Where no profit is computed in that accounting period, no separate profit can be attributed merely because manufacturing occurred earlier. On that basis, carry-forward set-off based on apportionment across periods was rejected. en-us Fri, 13 Mar 1987 00:00:00 +0530 Sat, 26 Jul 2014 09:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40078 Under the Excess Profits Tax Act, deficiency of profits can be set off only if it arises in the relevant accounting period as computed on the annual income-tax basis. Profits and losses are determined by the accounting period, not by a notional split between manufacturing and sale across different periods. Where no profit is computed in that accounting period, no separate profit can be attributed merely because manufacturing occurred earlier. On that basis, carry-forward set-off based on apportionment across periods was rejected. Case-Laws Income Tax Fri, 13 Mar 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40078