https://www.taxtmi.com/caselaws?id=191427 Carried forward business loss under section 24(2) is available only if the business in which the loss arose continues to be carried on in the relevant year. Where the original business had been discontinued, the assessee had retired from the partnership, and the later activity was a fresh joint venture rather than a continuation of the earlier undertaking, the statutory condition of continuity was not satisfied. On those facts, the earlier loss could not be set off against profits of the later venture. en-us Mon, 01 Mar 1965 00:00:00 +0530 Mon, 03 Apr 2017 16:59:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191427 Carried forward business loss under section 24(2) is available only if the business in which the loss arose continues to be carried on in the relevant year. Where the original business had been discontinued, the assessee had retired from the partnership, and the later activity was a fresh joint venture rather than a continuation of the earlier undertaking, the statutory condition of continuity was not satisfied. On those facts, the earlier loss could not be set off against profits of the later venture. Case-Laws Income Tax Mon, 01 Mar 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191427