https://www.taxtmi.com/caselaws?id=193272 The court ruled in favor of the assessee, a private limited company, allowing the set-off of a carried forward loss against the income of the relevant year under section 24(2) of the Indian Income-tax Act. The court found that the assessee had not ceased business activities and was still engaged in the business of purchasing groundnut, extracting oil, and selling products, thereby meeting the requirement for set-off. The court referenced previous cases to support its decision, emphasizing that income from letting out commercial assets for temporary use should be considered income from the same business. en-us Mon, 05 Sep 1960 00:00:00 +0530 Fri, 21 Jul 2017 14:37:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193272 The court ruled in favor of the assessee, a private limited company, allowing the set-off of a carried forward loss against the income of the relevant year under section 24(2) of the Indian Income-tax Act. The court found that the assessee had not ceased business activities and was still engaged in the business of purchasing groundnut, extracting oil, and selling products, thereby meeting the requirement for set-off. The court referenced previous cases to support its decision, emphasizing that income from letting out commercial assets for temporary use should be considered income from the same business. Case-Laws Income Tax Mon, 05 Sep 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193272