https://www.taxtmi.com/caselaws?id=169536 For carry-forward and set-off of business losses, the decisive test is whether the activities are so inter-connected, inter-laced and inter-dependent that they form one commercial whole. Common ownership, finance, staff, books or premises are not enough by themselves. Applying that principle, textile manufacturing and forward dealings in commodities such as hessian, sacking, bullion and castor seeds were held to be distinct commercial activities and not one integrated business. The assessee was therefore not entitled to treat them as the same business for the purpose of section 24(2) of the Indian Income-tax Act, 1922. en-us Fri, 26 Mar 1965 00:00:00 +0530 Sat, 25 Apr 2015 11:17:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169536 For carry-forward and set-off of business losses, the decisive test is whether the activities are so inter-connected, inter-laced and inter-dependent that they form one commercial whole. Common ownership, finance, staff, books or premises are not enough by themselves. Applying that principle, textile manufacturing and forward dealings in commodities such as hessian, sacking, bullion and castor seeds were held to be distinct commercial activities and not one integrated business. The assessee was therefore not entitled to treat them as the same business for the purpose of section 24(2) of the Indian Income-tax Act, 1922. Case-Laws Income Tax Fri, 26 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169536