1959 (4) TMI 35

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....for the Respondent. JUDGMENT Balakrishna Ayyar, The relevant facts have been set out in the order of reference to the Full Bench. All the decisions cited before us have also been referred to in it. There is no need to go over the same ground again and we shall, therefore, only give our reasons for the conclusion we have reached. These are in the main two. Section 24(2) of the Indian In....

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....ment and determination should have been made by the Department anterior to the time when the claim to carry forward the losses and set them off against subsequent profits was made. For imposing this latter requirement, we can see no justification in the words of the statute. There is next this further consideration. A person whose income in a particular year was below the assessable limit was n....

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....e Act. An assessee may have sustained losses for say five years running. In the sixth year he may have made profit. But, since in respect of the years in which his business was running at a loss he was not entitled either to submit a return or to insist that the amount of his losses should be ascertained and determined by the Income-tax Officer, he would not, if the view taken in Ahamed Sahib'....