https://www.taxtmi.com/caselaws?id=282302 For section 24(2), a carried-forward loss can be set off only against profits from the same business. Whether two trading activities form one business is a question of fact, tested by inter-connection, inter-lacing, inter-dependence and unity. On the record, no evidence supported treating silver speculation and cotton speculation as separate businesses, so the finding of separateness could not stand. The speculative activities were held to constitute one business, and the silver speculation loss was therefore allowable against the cotton speculation profits. en-us Tue, 27 Aug 1946 00:00:00 +0530 Thu, 01 Aug 2019 14:41:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282302 For section 24(2), a carried-forward loss can be set off only against profits from the same business. Whether two trading activities form one business is a question of fact, tested by inter-connection, inter-lacing, inter-dependence and unity. On the record, no evidence supported treating silver speculation and cotton speculation as separate businesses, so the finding of separateness could not stand. The speculative activities were held to constitute one business, and the silver speculation loss was therefore allowable against the cotton speculation profits. Case-Laws Income Tax Tue, 27 Aug 1946 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282302