https://www.taxtmi.com/caselaws?id=14413 The High Court ruled in favor of the Revenue, holding that the assessee company could not set off carry forward losses against the income for the assessment year as there was no continuity of business in the preceding year. The court emphasized the requirement of continuity of business for allowing set off of losses under section 72 of the Income-tax Act, 1961. The Tribunal's decision to allow the set off was overturned, highlighting the importance of maintaining business operations for claiming such deductions. en-us Mon, 16 Apr 2001 00:00:00 +0530 Wed, 15 Jul 2009 16:44:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14413 The High Court ruled in favor of the Revenue, holding that the assessee company could not set off carry forward losses against the income for the assessment year as there was no continuity of business in the preceding year. The court emphasized the requirement of continuity of business for allowing set off of losses under section 72 of the Income-tax Act, 1961. The Tribunal's decision to allow the set off was overturned, highlighting the importance of maintaining business operations for claiming such deductions. Case-Laws Income Tax Mon, 16 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14413