https://www.taxtmi.com/caselaws?id=16768 The High Court ruled in favor of the petitioner, allowing the set off of unabsorbed losses against the income of the subsequent year. The court emphasized the continuity of business through the third firm, aligning with the conditions of section 72 of the Income-tax Act. Previous judgments highlighted the importance of interconnection and unity in determining the "same business" for set off purposes. The court noted a discrepancy in the treatment of set off for different partners in similar scenarios, indicating the Assessing Officer's decision lacked consistency. The judgment underscored the significance of business continuity and consistency in determining eligibility for set off of carried forward losses. en-us Fri, 10 Jan 1997 00:00:00 +0530 Sat, 12 Sep 2009 11:42:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16768 The High Court ruled in favor of the petitioner, allowing the set off of unabsorbed losses against the income of the subsequent year. The court emphasized the continuity of business through the third firm, aligning with the conditions of section 72 of the Income-tax Act. Previous judgments highlighted the importance of interconnection and unity in determining the "same business" for set off purposes. The court noted a discrepancy in the treatment of set off for different partners in similar scenarios, indicating the Assessing Officer's decision lacked consistency. The judgment underscored the significance of business continuity and consistency in determining eligibility for set off of carried forward losses. Case-Laws Income Tax Fri, 10 Jan 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16768