https://www.taxtmi.com/caselaws?id=7076 For section 24(2) of the Income-tax Act, 1922, a carried-forward business loss had to be set off against profits of the assessee's business as a whole, not only against profits from the identical line of activity. The court treated "same business" as referring to the single head of business income under the Act, so different branches of activity were not to be isolated for set-off purposes. On that basis, speculation business and milling business were treated as parts of one business head, and the assessee could not deduct the milling loss without first adjusting the same-year speculation profits. The assessment was upheld. en-us Tue, 09 May 1967 00:00:00 +0530 Sun, 08 Feb 2009 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7076 For section 24(2) of the Income-tax Act, 1922, a carried-forward business loss had to be set off against profits of the assessee's business as a whole, not only against profits from the identical line of activity. The court treated "same business" as referring to the single head of business income under the Act, so different branches of activity were not to be isolated for set-off purposes. On that basis, speculation business and milling business were treated as parts of one business head, and the assessee could not deduct the milling loss without first adjusting the same-year speculation profits. The assessment was upheld. Case-Laws Income Tax Tue, 09 May 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7076