Supreme Court · 1979 INSC 202 · Decided 10 October 1979
Reliance Jute & Industries LTD. v. C.I.T., West Bengal, Calcutta
- Court
- Supreme Court of India
- Citation
- 1979 INSC 202 · [1980] 1 S.C.R. 906
- Case number
- CIVIL APPEAL No. 2366/1972
- Decided
- 10 October 1979
- Bench
- N.L. UNTWALIA, R.S. PATHAK (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 24(2)(iii)
Headnote
Indian Income Tax Act 1922-S. 24(2) (iii)-Assessee if could clabn vested' right under the law as it stood before amendment-Law to be applied is the law In relevant aJsessment year. Section 24(2)(iii) of the Indian Income-Tax Act, 1922 as it stood in 1955 provided· that a business loss which to year. Jn consequence of an amendment to the section made in 1957" the carry forward of unabsorbed loss could not be effected for more than eight years. After setting off unabsorbed losses for the assessment years 1949-50 and 195().51 the Income Tax Officer directed that the loss
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