Logical and semantical issues surrounding non-denoting terms have been investigated since ancient times, in both the Western and Indian philosophical traditions. And in a more applied formal setting, such issues have also gained importance in constructive mathematics, as well as computer science and software engineering. The paper first presents a strategic exploration of logical treatments of reference failure in Western thought, and then goes on to provide a comparative examination of the issue in the Indian tradition, particularly with respect to the dispute between the Yogācāra-Sautrāntika school of Buddhism and the Nyāya school of Hinduism. The paper concludes by advancing a formalization of the Buddhist
semantical theory in terms of a dualdomain Free logic.