https://www.taxtmi.com/caselaws?id=200717 For carry-forward and set-off of speculation losses, the key question is whether the cloth trade and speculation activity formed the same business under section 24(2) of the Income-tax Act, 1922. The decisive test is real inter-connection, inter-lacing, inter-dependence and unity of control and organisation. Common books, premises, staff, capital, receipts or overheads are relevant but not conclusive. On the facts stated, the two activities were distinct in nature and could be carried on independently, so the speculation losses could not be treated as losses of the same business and set off against cloth business profits. en-us Wed, 17 Jun 1959 00:00:00 +0530 Tue, 17 Apr 2018 12:26:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200717 For carry-forward and set-off of speculation losses, the key question is whether the cloth trade and speculation activity formed the same business under section 24(2) of the Income-tax Act, 1922. The decisive test is real inter-connection, inter-lacing, inter-dependence and unity of control and organisation. Common books, premises, staff, capital, receipts or overheads are relevant but not conclusive. On the facts stated, the two activities were distinct in nature and could be carried on independently, so the speculation losses could not be treated as losses of the same business and set off against cloth business profits. Case-Laws Income Tax Wed, 17 Jun 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200717