1987 (10) TMI 24

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..... d a return of loss in the sum of Rs. 1,12,558. The net loss which was determined by the Income-tax Officer and allowed to be carried forward was in the sum of Rs. 1,06,995. This is to say only an amount of Rs. 6,000 as loss had been disallowed by the Income-tax Officer. The Income-tax Appellate Tribunal has partly upheld the claim of exemption of the assessee under section 10(26B) of the Act. The .....

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..... ers passed in the case, we find that in the present case in view of the loss of Rs. 1,06,995 as determined by the Income-tax Officer, there is no liability to tax. As such, the contention of the assessee regarding exemption raised by the assessee as far as the present year in dispute is concerned is purely academic. It is settled law that the High Court will not call for a question on academic mat .....

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