https://www.taxtmi.com/caselaws?id=276321 The High Court ruled in favor of the assessee, allowing the set-off of losses from a dissolved partnership firm against income from a subsequent partnership business dealing in the same commodity. The Court emphasized that the continuity of the business activity by the assessee, rather than the specific partnership structure, was crucial in meeting the requirements of Section 24(2)(ii) of the Indian Income-tax Act, 1922. This decision clarified that the nature of the business itself, not the form of partnership, determined eligibility for setting off losses. en-us Tue, 17 Apr 1962 00:00:00 +0530 Tue, 06 Nov 2018 11:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276321 The High Court ruled in favor of the assessee, allowing the set-off of losses from a dissolved partnership firm against income from a subsequent partnership business dealing in the same commodity. The Court emphasized that the continuity of the business activity by the assessee, rather than the specific partnership structure, was crucial in meeting the requirements of Section 24(2)(ii) of the Indian Income-tax Act, 1922. This decision clarified that the nature of the business itself, not the form of partnership, determined eligibility for setting off losses. Case-Laws Income Tax Tue, 17 Apr 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276321