https://www.taxtmi.com/caselaws?id=286713 Whether forward-contract and futures dealings formed the same business under Section 24(2) was decided by applying the same-business test focusing on interconnection, interlacing, interdependence, unity of control, common financing and agency, ancillary nature of speculative operations and retention of delivery rights; the factual findings showed common agents, unified management, common financing, separate folios notwithstanding, and commercial integration of forward dealings, so those transactions were held to form part of the same business and the loss could be carried forward and set off accordingly. en-us Fri, 18 Nov 1949 00:00:00 +0530 Thu, 12 Mar 2020 12:25:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286713 Whether forward-contract and futures dealings formed the same business under Section 24(2) was decided by applying the same-business test focusing on interconnection, interlacing, interdependence, unity of control, common financing and agency, ancillary nature of speculative operations and retention of delivery rights; the factual findings showed common agents, unified management, common financing, separate folios notwithstanding, and commercial integration of forward dealings, so those transactions were held to form part of the same business and the loss could be carried forward and set off accordingly. Case-Laws Income Tax Fri, 18 Nov 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286713