Supreme Court · 1965 INSC 90 · Decided 2 April 1965
Commissioner of Incometax, Andhra Pradesh v. The Cocanada Bank LTD. Kakinada
- Court
- Supreme Court of India
- Citation
- 1965 INSC 90 · [1965] 3 S.C.R. 619
- Case number
- CIVIL APPEAL No. 155/1964
- Decided
- 2 April 1965
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(2)
Headnote
Indian Income-tax Act, 1922 (11 of 1922), s. 24(2)-Carry-forward of loss-Loss under one head of income whether can be set-off against income under other heads in succeeding years-Heads of income whether mutually exclusive. The respondent bank had income from banking business and interest on its loss from banking business was set-off against the income from interest on securities but for the succeeding three years the income-tax officer st:. t• off the said loss which had been carried forward, only against the income from banking business and disallowed it against the
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