https://www.taxtmi.com/caselaws?id=49433 The Supreme Court upheld the High Court's decision, ruling that the loss of Rs. 5,19,590 from the year 1948-49 could not be set off against the assessee's business income for the assessment years 1950-51 and 1951-52. The appeals were dismissed with costs, emphasizing that section 24 of the Indian Income-tax Act applies only to taxable profits or gains assessable within the taxable territories. 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 The Supreme Court upheld the High Court's decision, ruling that the loss of Rs. 5,19,590 from the year 1948-49 could not be set off against the assessee's business income for the assessment years 1950-51 and 1951-52. The appeals were dismissed with costs, emphasizing that section 24 of the Indian Income-tax Act applies only to taxable profits or gains assessable within the taxable territories. Case-Laws Income Tax Mon, 19 Feb 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49433