https://www.taxtmi.com/caselaws?id=185278 Where an assessee claimed losses from undertakings that had already ceased operations, the business set-off provisions were confined to profits and losses of businesses actually carried on during the year. The distinction between separate businesses and one interlocked business was treated as a question of fact, and on the facts the five concerns had been discontinued while only shareholding activity continued. The claimed losses were therefore treated as arising from discontinued businesses and as capital in nature, so they could not be set off against dividend income. en-us Wed, 12 Dec 1934 00:00:00 +0530 Sat, 06 Aug 2016 17:08:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185278 Where an assessee claimed losses from undertakings that had already ceased operations, the business set-off provisions were confined to profits and losses of businesses actually carried on during the year. The distinction between separate businesses and one interlocked business was treated as a question of fact, and on the facts the five concerns had been discontinued while only shareholding activity continued. The claimed losses were therefore treated as arising from discontinued businesses and as capital in nature, so they could not be set off against dividend income. Case-Laws Income Tax Wed, 12 Dec 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185278