NDLI: Commissioner of Income-tax, Kanpur Vs. Behari Lal Ram Charan Ltd.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Income-tax Act Claim of set off
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Act(s) Referred	Indian Income-tax Act, 1922 (11 of 1922) Income Tax Act, 1961 (43 of 1961)
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Dismissed
Headnote	Income-tax Act, 1961: ss. 74 and 80-Claim of set off-When admissible- Assessee whether entitled to benefit conferred under s. 24 of 1922 Act. Sub-section (3) of s. 24 of the Income-tax Act, 1922, required that when it was established that a loss of profits or gains had taken place which the assessee was entitled to have set off, the Income-tax Officer should notify to the assessee by an order In writing the amount of loss as computed by him. This benefit was continued in s. 74 of the Income-tax Act, 1961 which provides for carrying forward to the following years the net loss computed under the head 'capital gains' in respect of an assessment year, Section 80, however, interdicts that no loss which has not been so determined shall be carried forward and set off.The assessee, a private limited company disclosed in its return for the assessment year 1965-66 capital gains of Rs.3 lacs and odd but claimed set off of capital loss of a like amount sustained during the assessment year 1957-58 over sale of shares. This claim was disallowed by the Income-tax Officer on the footing that when in the assessment year 1957-58 the loss was claimed it was excluded in the computation of income as capital loss. A challenge to that order by the assessee was rejected by the Appellate Assistant Commissioner who took the view that the loss was essentially notional in nature, and that the claim for set off to be admissible, had to be notified by the Income-tax Officer under s. 24(3) of the 1922 Act to the assessee by an order in writing. That having not been done the claim was not admissible. Allowing the assessee's claim, the Tribunal however, came to the conclusion that the assessee was entitled to the benefit of set off of loss provided it satisfied that capital loss was computed under the old Act, and as in the instant case the Income-tax Officer bad neither computed the loss nor passed an adverse order, the Income-tax Officer was not entitled to take advantage of his own failure and reject the assessee's claim on the ground that loss had not been determined as required under s. 24(3) of the Income-tax Act, 1922. The High Court agreed with the conclusion of the Tribunal and found against the Revenue.
Judge	Honble Mr. Justice Ranganath Misra
Neutral Citation	1987 INSC 126
Petitioner	Commissioner Of Income-tax, Kanpur
Respondent	Behari Lal Ram Charan Ltd.
SCR	[1987] 2 S.C.R. 1159
Judgement Date	1987-04-22
Case Number	74

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