1939 (10) TMI 7 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the petitioner, allowing a deduction of Rs. 34,950 for a loss in Burma accounts. The court held that as Burma was part of British India during the previous year in which the loss occurred, it could be set off against profits in Bombay. The judgment was agreed upon by both Beaumont (CJ) and Kania, JJ.