A tax payer, who was a school teacher by profession, also owned property and tra

Posted: January 11th, 2023

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A tax payer, who was a school teacher by profession, also owned property and traded in textiles. He was assessed in respect of his profession, his rental income and his income in the textile trade. There was also an assessment in respect of his wife’s income from textile trade and from her property.
The taxpayer sustained losses on his textile trade and he sought to off-set the losses from the profit of his other sources of income in the following year of assessment.
The taxpayer contended that a loss sustained under a particular source of income in one year could be deducted from the profit of other sources in the following year.
The tax authority contended that no deduction was allowable in law.

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