https://www.taxtmi.com/caselaws?id=8499 An assessee carrying on multiple businesses may set off a loss from one business against profits of another under section 10 of the Income-tax Act, 1922, because tax is charged on the aggregate business profits and losses of the assessee. Section 24(1) does not control such intra-assessee adjustment. Applying the Supreme Court ruling in Muthuraman Chettiar, the Punjab and Haryana High Court treated the facts as identical and rejected the department's attempt to distinguish the loss on the ground that it arose in a firm, since the claim was made by the Hindu undivided family in its own assessment. The set-off was therefore allowed. en-us Tue, 10 Nov 1970 00:00:00 +0530 Mon, 27 Apr 2009 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8499 An assessee carrying on multiple businesses may set off a loss from one business against profits of another under section 10 of the Income-tax Act, 1922, because tax is charged on the aggregate business profits and losses of the assessee. Section 24(1) does not control such intra-assessee adjustment. Applying the Supreme Court ruling in Muthuraman Chettiar, the Punjab and Haryana High Court treated the facts as identical and rejected the department's attempt to distinguish the loss on the ground that it arose in a firm, since the claim was made by the Hindu undivided family in its own assessment. The set-off was therefore allowed. Case-Laws Income Tax Tue, 10 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8499