https://www.taxtmi.com/caselaws?id=276527 A composite insurer carrying on both life insurance and general insurance was treated as carrying on the same business for the purpose of carry forward and set-off of losses under section 24(2) of the Indian Income-tax Act, 1922. The separate accounting required by the Insurance Act did not change the character of the undertaking under income-tax law, and the distinction between life insurance and other insurance classes was relevant only to insurance regulation and profit computation. Accordingly, unabsorbed losses from the life insurance segment of earlier years were available to be set off against subsequent profits from the general insurance segment. en-us Fri, 03 May 1963 00:00:00 +0530 Tue, 13 Nov 2018 12:42:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276527 A composite insurer carrying on both life insurance and general insurance was treated as carrying on the same business for the purpose of carry forward and set-off of losses under section 24(2) of the Indian Income-tax Act, 1922. The separate accounting required by the Insurance Act did not change the character of the undertaking under income-tax law, and the distinction between life insurance and other insurance classes was relevant only to insurance regulation and profit computation. Accordingly, unabsorbed losses from the life insurance segment of earlier years were available to be set off against subsequent profits from the general insurance segment. Case-Laws Income Tax Fri, 03 May 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276527