Commissioner Of Income Tax vs Indo Mercantile Bank Ltd

Authority: Supreme Court Date: 1959-02-23 AY: 1948-49, 1950-51 Section: 28(i), 71 Acts: Travancore Income Tax Act, Indian Income Tax Act 1922 Result: Assessee Citation: (1959) 36 ITR 1 (SC) Justices: Bhagwati, Sinha & Kapur, JJ. Appeal No: Civil Appeal Nos. 259 & 260 of 1958
Whether business losses incurred in the erstwhile State of Cochin could, under the Travancore Income Tax Act, be set off against business profits made in the erstwhile State of Travancore --- Held Yes.

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