https://www.taxtmi.com/caselaws?id=7365 Temporary suspension of a business due to adverse market conditions does not amount to cessation where the assessee keeps the business alive through maintenance of establishment, accounts, licence, borrowings, and continuing business expenses with an intention to resume. On those facts, the arecanut business remained in existence during the accounting year and the related loss was allowable. The loss from that business was also capable of being set off against profits from the assessee's rice mill business, because business income is computed on an aggregated basis and separate business lines do not, by themselves, prevent inter-business set-off when both are carried on by the same assessee. en-us Fri, 09 Apr 1965 00:00:00 +0530 Wed, 18 Feb 2009 18:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7365 Temporary suspension of a business due to adverse market conditions does not amount to cessation where the assessee keeps the business alive through maintenance of establishment, accounts, licence, borrowings, and continuing business expenses with an intention to resume. On those facts, the arecanut business remained in existence during the accounting year and the related loss was allowable. The loss from that business was also capable of being set off against profits from the assessee's rice mill business, because business income is computed on an aggregated basis and separate business lines do not, by themselves, prevent inter-business set-off when both are carried on by the same assessee. Case-Laws Income Tax Fri, 09 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7365