Supreme Court · 1988 INSC 262 · Decided 5 September 1988
Commissioner of Income-Tax, Bombay v. Italindia Cotton CO. (P) LTD.
- Court
- Supreme Court of India
- Citation
- 1988 INSC 262 · [1988] SUPP. 2 S.C.R. 814
- Case number
- CIVIL APPEAL No. 1520/1986
- Decided
- 5 September 1988
- Bench
- R.S. PATHAK, SABYASACHI MUKHERJI (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 79
Headnote
F 0 H COMMISSIONER OF INCOME-TAX, BOMBAY v. ITALINDIA COTTON CO. (P) LTD. SEPTEMBER 5, 1988 [R.S. PATHAK, CJ. AND MUKHARJI, J.] Income Tax Act, 1961-S. 79-Carry forward and set-off of loss incurred in .any earlier year against income of the relevant previous year-Conditions provided in els. (a) a change subsequently, claimed a set-off.against the same in its assess­ ment for the year 1963-64, but the Income-tax Officer turned it down on the ground thats. 79 of the Income-tax Act, 1961 dis-entitled the' asses­ see from claiming such a set off since S 1 % of the voting power
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