https://www.taxtmi.com/caselaws?id=21268 The High Court held that the losses from the groundnuts and masoor business could be set off against the profits of the assessee's other business. Despite the business being beyond the authority of the assessee as per the memorandum of association, the Court emphasized that there should be no distinction between losses and profits of an illegal business for tax purposes. The judgment clarified that the nature of the transaction and the company's powers do not affect the assessability of profits or losses, ultimately ruling in favor of the assessee. en-us Mon, 26 Jun 1989 00:00:00 +0530 Sat, 21 Nov 2009 11:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21268 The High Court held that the losses from the groundnuts and masoor business could be set off against the profits of the assessee's other business. Despite the business being beyond the authority of the assessee as per the memorandum of association, the Court emphasized that there should be no distinction between losses and profits of an illegal business for tax purposes. The judgment clarified that the nature of the transaction and the company's powers do not affect the assessability of profits or losses, ultimately ruling in favor of the assessee. Case-Laws Income Tax Mon, 26 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21268