COMMISSIONER OF INCOME-TAX, KANPUR vs BEHARI LAL RAM CHARAN LTD.

The Supreme Court held that the benefit of set off of capital loss under Section 24(3) of the Income-tax Act, 1922, continues under Section 74(1)(b) and Section 80 of the Income-tax Act, 1961. The Court ruled that the Income-tax Officer's failure to comply with the requirement of a written order did not prejudice the assessee's claim, as the loss had been computed by the Officer. The High Court's conclusion that the claim for set off was admissible was upheld, and the appeal by the Revenue was dismissed.