https://www.taxtmi.com/caselaws?id=166480 Business loss from a discontinued third shop was treated as incurred in the relevant accounting year and not as a prior-year loss, because the shop's business continued during the year and ceased only after about two months. Limited turnover did not displace the finding that the business had subsisted, and the book entries supported the timing of the loss. On that basis, the loss on interest, bad debts and other expenses from the third shop fell within the statutory business set-off and could be adjusted against profits of the other two shops in favour of the assessee. en-us Tue, 26 Sep 1950 00:00:00 +0530 Sat, 27 Sep 2014 13:04:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=166480 Business loss from a discontinued third shop was treated as incurred in the relevant accounting year and not as a prior-year loss, because the shop's business continued during the year and ceased only after about two months. Limited turnover did not displace the finding that the business had subsisted, and the book entries supported the timing of the loss. On that basis, the loss on interest, bad debts and other expenses from the third shop fell within the statutory business set-off and could be adjusted against profits of the other two shops in favour of the assessee. Case-Laws Income Tax Tue, 26 Sep 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=166480