https://www.taxtmi.com/caselaws?id=18743 The court held that the assessee was not entitled to set off losses from a previous firm against profits from other firms due to the cessation of business by the previous firm during the relevant assessment years. The court emphasized that the continuity of the business is a prerequisite for carrying forward losses under section 72(1) of the Income-tax Act. As the previous firm ceased operations during the relevant years, the set-off claim was disallowed. The judgment favored the revenue authorities, denying the assessee's claim for set-off. en-us Fri, 08 Dec 1995 00:00:00 +0530 Sat, 31 Oct 2009 17:05:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18743 The court held that the assessee was not entitled to set off losses from a previous firm against profits from other firms due to the cessation of business by the previous firm during the relevant assessment years. The court emphasized that the continuity of the business is a prerequisite for carrying forward losses under section 72(1) of the Income-tax Act. As the previous firm ceased operations during the relevant years, the set-off claim was disallowed. The judgment favored the revenue authorities, denying the assessee's claim for set-off. Case-Laws Income Tax Fri, 08 Dec 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18743