https://www.taxtmi.com/caselaws?id=19763 The court held that the assessee could set off losses from the managing agency business against income from other commission businesses despite discontinuing the managing agency business. The court found that the businesses were part of a single composite business based on common administration, fund, place of business, and management. Relying on legal precedents, the court affirmed the Tribunal's decision, allowing the set-off of losses under section 72(1) of the Income-tax Act. The judgment favored the assessee, granting costs and confirming their entitlement to set off losses for the relevant assessment years. en-us Wed, 30 Mar 1994 00:00:00 +0530 Mon, 09 Nov 2009 14:29:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19763 The court held that the assessee could set off losses from the managing agency business against income from other commission businesses despite discontinuing the managing agency business. The court found that the businesses were part of a single composite business based on common administration, fund, place of business, and management. Relying on legal precedents, the court affirmed the Tribunal's decision, allowing the set-off of losses under section 72(1) of the Income-tax Act. The judgment favored the assessee, granting costs and confirming their entitlement to set off losses for the relevant assessment years. Case-Laws Income Tax Wed, 30 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19763