https://www.taxtmi.com/caselaws?id=284223 The judgment addressed the admissibility of losses in specific businesses for deduction under section 10 of the Income-tax Act. It clarified that losses from speculative dealings could be set off against profits from other businesses. The determination was made that dealings in shares, cotton waste, and money-lending did not constitute the "same business," with the Tribunal's decision upheld based on legal inference and relevant case law. The outcome favored the assessee regarding the admissibility of the loss in Tata deferred shares but ruled against them on the question of whether the businesses were considered the "same business" for tax purposes. en-us Thu, 25 Feb 1965 00:00:00 +0530 Thu, 07 Nov 2019 12:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284223 The judgment addressed the admissibility of losses in specific businesses for deduction under section 10 of the Income-tax Act. It clarified that losses from speculative dealings could be set off against profits from other businesses. The determination was made that dealings in shares, cotton waste, and money-lending did not constitute the "same business," with the Tribunal's decision upheld based on legal inference and relevant case law. The outcome favored the assessee regarding the admissibility of the loss in Tata deferred shares but ruled against them on the question of whether the businesses were considered the "same business" for tax purposes. Case-Laws Income Tax Thu, 25 Feb 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284223