2003 (7) TMI 705 - HC - Income Tax

Summary

The High Court of Bombay ruled in favor of the assessee, allowing them to carry forward deficits from earlier years to set off against surpluses in subsequent years for the application of section 11 of the Income-tax Act for Assessment Years 1977-78 and 1978-79. The judgment was based on a previous case involving The Institute of Banking. The reference was disposed of with no order as to costs.