COMMISSIONER OF INCOME TAX Vs. SRINIVASAN A L

JUDGEMENT

(1.) THE assessee was the sole proprietor of a business called M/s. Madras Pictures. In the said business he had sustained losses as follows: <FRM>JUDGEMENT_667_ITR108_1977Html1.htm</FRM>

(2.) THESE losses could not be absorbed by or set off against any other income. Therefore, it was brought forward for consideration in the assess- ment year 1958-59. We are concerned in the present reference with the assessment years 1958-59, 1959-60 and 1960-61.

(3.) SECTION 16(3)(a), in so far as it is relevant, runs as follows :