https://www.taxtmi.com/caselaws?id=284956 For carry forward and set-off of loss under section 24(2) of the Income-tax Act, 1922, the relevant test is whether separate activities are so inter-connected, inter-laced, inter-dependent or dovetailed that they amount to one organically integrated business. Common ownership, capital, premises, staff or accounts are not conclusive by themselves; where the activities are prima facie distinct, the assessee must establish the necessary integration on the totality of facts. Applying that approach, textile manufacture and share dealing were treated as distinct businesses, so the share-dealing loss could not be set off against textile profits. en-us Fri, 26 Aug 1966 00:00:00 +0530 Wed, 18 Dec 2019 17:14:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284956 For carry forward and set-off of loss under section 24(2) of the Income-tax Act, 1922, the relevant test is whether separate activities are so inter-connected, inter-laced, inter-dependent or dovetailed that they amount to one organically integrated business. Common ownership, capital, premises, staff or accounts are not conclusive by themselves; where the activities are prima facie distinct, the assessee must establish the necessary integration on the totality of facts. Applying that approach, textile manufacture and share dealing were treated as distinct businesses, so the share-dealing loss could not be set off against textile profits. Case-Laws Income Tax Fri, 26 Aug 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284956