Losses could not be ignored in determining the applicability of exception clause of Explanation to section 73

The Special Bench of the Tribunal in Concord Commercials (P.) Ltd.’s case (supra) has held that the business loss being negative profit cannot be ignored in determining the applicability of exception clause of Explanation to section 73. [Para 16] Similarly, in Yucca Finvest (P.) Ltd.’s case (supra), the Tribunal has held that the word `chargeable’ used in Explanation to section 73 would refer to charge ability to tax under the Act. This would only mean that loss may not be charged to tax directly in the current year. But by adjustment against other business income in that yea...