https://www.taxtmi.com/caselaws?id=49433 Under section 24 of the Indian Income-tax Act, 1922, "loss of profits or gains" meant loss of taxable profits or gains, so a non-resident could not carry forward and set off losses arising outside the taxable field. Reading section 24 with sections 4(1)(a), 4(1)(c) and 14(2)(c), the SC held that the relevant year for characterising the loss was the year it arose, and section 24(2) could apply only to a loss capable of set-off under section 24(1). The assessee's 1948-49 loss was therefore not eligible for carry forward or set-off, and the claim was rejected. en-us Mon, 19 Feb 1962 00:00:00 +0530 Wed, 27 Aug 2014 12:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49433 Under section 24 of the Indian Income-tax Act, 1922, "loss of profits or gains" meant loss of taxable profits or gains, so a non-resident could not carry forward and set off losses arising outside the taxable field. Reading section 24 with sections 4(1)(a), 4(1)(c) and 14(2)(c), the SC held that the relevant year for characterising the loss was the year it arose, and section 24(2) could apply only to a loss capable of set-off under section 24(1). The assessee's 1948-49 loss was therefore not eligible for carry forward or set-off, and the claim was rejected. Case-Laws Income Tax Mon, 19 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49433