https://www.taxtmi.com/caselaws?id=285407 Business income was treated as a single head for set-off purposes, and the phrase "any business" was construed to include every business carried on by the same assessee. On that basis, profits from one business could be adjusted against losses from another, whether the businesses were carried on individually or through a partnership. The scheme governing set-off between different heads of income did not restrict this intra-head adjustment, and no exclusion was found for losses from an unregistered partnership business. The assessee was therefore entitled to set off the partnership loss against the profits of the individual business, and the reference was answered in the affirmative. en-us Fri, 12 Oct 1923 00:00:00 +0530 Fri, 10 Jan 2020 14:49:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285407 Business income was treated as a single head for set-off purposes, and the phrase "any business" was construed to include every business carried on by the same assessee. On that basis, profits from one business could be adjusted against losses from another, whether the businesses were carried on individually or through a partnership. The scheme governing set-off between different heads of income did not restrict this intra-head adjustment, and no exclusion was found for losses from an unregistered partnership business. The assessee was therefore entitled to set off the partnership loss against the profits of the individual business, and the reference was answered in the affirmative. Case-Laws Income Tax Fri, 12 Oct 1923 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285407