https://www.taxtmi.com/caselaws?id=20875 Carry forward and set-off of losses from an earlier activity is unavailable where the earlier and subsequent operations do not constitute the same continuing business. The assessee had discontinued its managing agency business and later carried on trading in iron and steel pipes; on the facts found by the Tribunal, these were distinct lines of trade and not one continuous business. The High Court upheld the Tribunal's refusal to permit the managing agency losses to be adjusted against profits from the later business, and the claim for set-off was rejected. en-us Thu, 04 Feb 1993 00:00:00 +0530 Tue, 17 Nov 2009 17:19:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20875 Carry forward and set-off of losses from an earlier activity is unavailable where the earlier and subsequent operations do not constitute the same continuing business. The assessee had discontinued its managing agency business and later carried on trading in iron and steel pipes; on the facts found by the Tribunal, these were distinct lines of trade and not one continuous business. The High Court upheld the Tribunal's refusal to permit the managing agency losses to be adjusted against profits from the later business, and the claim for set-off was rejected. Case-Laws Income Tax Thu, 04 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20875