Supreme Court Dismisses Aspinwall Tax Appeal

Supreme Court dismissed Aspinwall's appeal against Kerala High Court's order on agricultural income tax set-off.
Court held Kerala Agricultural Income Tax Act lacks provisions for loss carry-forward in amalgamation like Income Tax Act.
Losses were time-barred as they pertained to periods beyond 8 years under Section 12 of the Act.
Amalgamation scheme clause was not binding as State was not notified during proceedings.