1987 (10) TMI 24 - HC - Income Tax

Summary

The High Court of Allahabad heard a case where an assessee filed a return of loss of Rs. 1,12,558, with a net loss of Rs. 1,06,995 allowed to be carried forward. The Income-tax Appellate Tribunal partly upheld the exemption claim under section 10(26B) of the Act. The assessee's claim for exemption under section 10(20A) was not considered by the Tribunal. The High Court rejected the application as there was no liability to tax due to the determined loss.