Supreme Court · 1997 INSC 233 · Decided 5 March 1997
Commissioner of Income Tax Tamil Nadu-V Madras v. Kotagiri Industrial Co-Operative Tea Factory LTD., Kotagiri
- Court
- Supreme Court of India
- Citation
- 1997 INSC 233 · [1997] 2 S.C.R. 738
- Case number
- CIVIL APPEAL No. 5912/1983
- Decided
- 5 March 1997
- Bench
- S.C. AGRAWAL, G.B. PATTANAIK (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 72, 80P(2)
Headnote
Income Tax Act, 1961 : Sections 72, BOP and BOB(S}-Cooperative C Society-Carried forward losses-Deduction claimed under sec.BOP-Los- . ses-Set-off--Losses in excess of income-Deduction claimed not allowed by Income Tax Officer, but allowed by the Appellate Assistant Commissioner and Tribunal-On rightly set off carried forward losses of earlier year-Justified in not allowing deduction as losses D exceeded income. E Interpretation of statutes : Statut01y Construction-Principle-Applicability of Words & Phrases : "Gross total income"--Meaning of in the context of sec. BO-P
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