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PETITIONER: ANGLO-FRENCH TEXTILE CO., LTD.
Vs.
RESPONDENT: COMMISSIONER OF INCOME-TAX, MADRAS.
DATE OF JUDGMENT: 22/12/1952
BENCH: MAHAJAN, MEHR CHAND BENCH: MAHAJAN, MEHR CHAND DAS, SUDHI RANJAN BOSE, VIVIAN BHAGWATI, NATWARLAL H.
CITATION: 1953 AIR 105 1953 SCR 454 CITATOR INFO : C 1954 SC 198 (10,10A) R 1958 SC 269 (14) R 1958 SC 861 (15) RF 1965 SC1526 (15)
ACT: Indian Income-tax Act (XI of 1922), ss. 24 (2), 34-Return showing loss-Whether loss can be recorded and carried forward--Proceedings for re-assessment-Whether whole assessment can be reopened.
HEADNOTE: An assessee submitted a return showing the income as "nil" and this return was accepted by the Income-tax Officer, In the 449 next year the Income-tax Officer sent a notice to the assessee under s. 34 (1) (b) calling for a fresh return,., The assesses submitted a return showing the income as nil " and a loss of Rs. 3,92,357 and claimed that the loss should be recorded and carried forward under s. 24 (2) of the Income-tax Act. The loss was arrived at by striking a balance in the profit and loss account of just one business: Held, that the assessee was not entitled to ’have the loss determined and carried forward for two reasons, first, because when there is no income under any head at all there is...