https://www.taxtmi.com/caselaws?id=9845 The High Court of Gujarat ruled in favor of the assessee, upholding the Tribunal's decision to allow the carry forward and set off of accumulated losses for a new business activity. The Court determined that the new business was considered the same as the earlier business due to common management and control, entitling the assessee to the benefit of carrying forward losses under section 72(1)(i) of the Income-tax Act, 1961. The Court's decision favored continuity of business for loss carry forward purposes, establishing legal precedence in such cases. en-us Thu, 24 Nov 2005 00:00:00 +0530 Thu, 02 Jul 2009 09:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9845 The High Court of Gujarat ruled in favor of the assessee, upholding the Tribunal's decision to allow the carry forward and set off of accumulated losses for a new business activity. The Court determined that the new business was considered the same as the earlier business due to common management and control, entitling the assessee to the benefit of carrying forward losses under section 72(1)(i) of the Income-tax Act, 1961. The Court's decision favored continuity of business for loss carry forward purposes, establishing legal precedence in such cases. Case-Laws Income Tax Thu, 24 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9845