Meaning of tax terms

Meaning of ” Loss”

Posted on by Prashant Thakur

Case Name : CIT vs. Kalpaka enterprises (p.) Ltd.

Citation : [1986] 24 TAXMAN 167/ 157 ITR 658 (KER.)

Court : Kerala High Court

Section : 70 TO 79

Meaning : The word ‘loss’ mentioned in section 79 does not include ‘unabsorbed depreciation’ or ‘unabsorbed development rebate’. Accordingly, the bar imposed under the main part of section 79 is not attracted as far as ‘carry forward and set-off of unabsorbed depreciation’ or ‘unabsorbed development rebate’ is concerned.

Prashant Thakur

The author has spent more than 30 years in the field of taxation. Wrote four books -3 on on Indian Tax Law and 1 on US tax law for cryptocurrency. Apart from https:taxworry.com , he also writes on https://irstaxapp.com which is for US tax laws. He is a tech enthusiast and manages a cloud computing company that publishes innovative software.

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