Supreme Court of India
Reliance Jute & Industries Ltd. v. C.I.T., West Bengal, Calcutta
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1 Supreme Court bench has cited this judgment.
From the 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 was not wholly set off should be carried' forward from year 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
Where later benches applied it
Of those, 1 distinguished
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