1989 (1) TMI 37 - HC - Income Tax

Summary

The High Court of Punjab and Haryana rejected the assessee's claim for set off of unabsorbed loss from 1971-72 during the assessment year 1976-77. The court held that unabsorbed losses not set off in succeeding years cannot be claimed later. The time limit for claiming such losses is eight years, not four years. The judgment favored the Revenue on the first question and the assessee on the second question. No costs were awarded. (Case Citation: 1989 (1) TMI 37 - Punjab and Haryana High Court)