https://www.taxtmi.com/caselaws?id=71223 Carry forward and set-off of losses require a continuing business nexus; where the textile business had been finally discontinued and the later land development venture had not commenced in any real sense, the old losses could not be set off against current income or the new activity. Interest paid to directors on borrowings linked to the ceased textile business was not allowable as business expenditure for an unrelated later venture. Receipts from sale of scrap and depreciable assets, arising after discontinuance, were not treated as business income and could not be absorbed against the brought forward losses. en-us Fri, 28 Apr 2000 00:00:00 +0530 Mon, 13 Jun 2011 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71223 Carry forward and set-off of losses require a continuing business nexus; where the textile business had been finally discontinued and the later land development venture had not commenced in any real sense, the old losses could not be set off against current income or the new activity. Interest paid to directors on borrowings linked to the ceased textile business was not allowable as business expenditure for an unrelated later venture. Receipts from sale of scrap and depreciable assets, arising after discontinuance, were not treated as business income and could not be absorbed against the brought forward losses. Case-Laws Income Tax Fri, 28 Apr 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71223