https://www.taxtmi.com/caselaws?id=6820 Carried-forward business losses may be set off against later profits where the later operations are a continuation of the same business. The decisive factors are continuity of the essential business activity, productive apparatus, nature of work and working control. A pooling or restrictive arrangement with other business owners, intended to limit competition, does not by itself create a separate business if the taxpayer continues to operate its own factory with substantially unchanged business character. Later-year profits in those circumstances arise from the same business and remain eligible for set-off against the carried-forward loss. en-us Thu, 17 Feb 1966 00:00:00 +0530 Mon, 02 Feb 2009 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6820 Carried-forward business losses may be set off against later profits where the later operations are a continuation of the same business. The decisive factors are continuity of the essential business activity, productive apparatus, nature of work and working control. A pooling or restrictive arrangement with other business owners, intended to limit competition, does not by itself create a separate business if the taxpayer continues to operate its own factory with substantially unchanged business character. Later-year profits in those circumstances arise from the same business and remain eligible for set-off against the carried-forward loss. Case-Laws Income Tax Thu, 17 Feb 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6820