TaxTMI 
TaxTMI 
1973 (8) TMI 43
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....ant facts, as stated in the statement of the case submitted to this court, are that the assessee, M/s. J. K. Woollen Manufacturers Private Ltd., Kanpur, was incorporated some time in the year 1948 and it carried on the business of manufacturing woollen goods at Kanpur. Up to and including the assessment year 1952-53, the assessee made considerable profits. Subsequently, some difficulty arose with regard to the working of the mills and ultimately during the accounting year 1954-55, the assessee discontinued its manufacturing business completely and did not carry it on thereafter. Since then the only business that the assessee carried on was that of selling raw materials and finished goods that were left with them. Up to and including the ass....
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.... the condition in which an assessee may carry forward its losses to the following year and to have them set off against the income of that year. Relevant portion of the sub-section runs thus : " Where any assessee sustains a loss of profits or gains in any year,... in any business, profession or vocation, and the loss cannot be wholly set off under sub-section ( 1), so much of the loss as is not so set off or the whole loss where the assessee had no other head of income shall be carried forward to the following year, and ....... (ii) where the loss was sustained by him in any other business, profession or vocation, it shall be set off against the profits and gains, if any, of any business, profession or vocation carried on by him in tha....