https://www.taxtmi.com/caselaws?id=186802 For carry-forward and set-off of business loss under section 24(2) of the Income-tax Act, 1922, the relevant test is whether the loss arose from the same business that continued in the later year. Common ownership, common funds, a central cash book, or centralized accounts are not enough by themselves; the activities must be inter-related, inter-dependent, and so connected in their trading structure that they form one business. On that basis, diverse activities such as brickworks, a ration shop, lorry hire, a petrol bunk, partnership interests, and film distribution were treated as independent ventures. The earlier film distribution loss was therefore not available for set-off against the later year's profits. en-us Mon, 19 Nov 1962 00:00:00 +0530 Fri, 30 Sep 2016 18:39:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186802 For carry-forward and set-off of business loss under section 24(2) of the Income-tax Act, 1922, the relevant test is whether the loss arose from the same business that continued in the later year. Common ownership, common funds, a central cash book, or centralized accounts are not enough by themselves; the activities must be inter-related, inter-dependent, and so connected in their trading structure that they form one business. On that basis, diverse activities such as brickworks, a ration shop, lorry hire, a petrol bunk, partnership interests, and film distribution were treated as independent ventures. The earlier film distribution loss was therefore not available for set-off against the later year's profits. Case-Laws Income Tax Mon, 19 Nov 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186802