Supreme Court of India
Commissioner of Income-tax, Bombay v. Italindia Cotton Co. (p) Ltd.
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.
From the headnote
Income Tax Act, 1961-S. 79-Carry forward and set-off of loss incurred in .any earlier year against income of the relevant previous year-Conditions provided in els. (a) milt (b) of s. 79 operate in the alternative, not cumulatively. The respondent-assessee which had suffered a loss during the assessment year 1960-61, and whose share-holding had undergone a change subsequently, claimed a set-off.against the same in its assess ment for the year 1963-64, but the Income-tax Officer turned it down on the ground thats. 79 of the Income-tax Act, 1961 dis-entitled the' asses see from claiming such a
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