Supreme Court of India
Commissioner of Incometax, Andhra Pradesh v. The Cocanada Bank Ltd. Kakinada
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
6 Supreme Court benches have cited this judgment.
What the Court ordered
We hold that the High Court was right in answer ;ng the question referred to it in the affirmative.
Judgment, page 7
From the 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 securities. For the assessment year 1949-50 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
Authorities it was built on
Where later benches applied it
- 2024 Bank of Rajasthan Ltd. v. Commissioner of Income Tax
- 1986 Brooke Bond & Company Ltd. (now Known as Brooke Bond Leibig Limited) v. C.I.T. West Bengal-ii, Calcutta
- 1971 Western States Trading Co. Ltd. v. Commissioner of Income Tax, Central Calcutta
- 1967 Madras Co-operative Central Land Mortgage Bank Ltd. v. Commissioner of Income-tax, Madras
- 1966 Nalnikant Ambalal Mody v. Commissioner of Income Tax, Bombay
- 1965 Bengal & Assam Investors Ltd v. Commissioner of Income Tax, West Bengal
Of those, 6 mentioned
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