Meaning of ” Loss”

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.

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