https://www.taxtmi.com/caselaws?id=290036 The right to carry forward and set off a loss under Section 24(2) depends on whether the profit-making activity is the same business that sustained the loss. Distinct trading operations are treated as one business where there is inter-connection, interlacing, interdependence and unity of control. On the facts, the foreign and domestic operations were managed from the head office, day-books were sent periodically to headquarters, instructions issued from there, remittances moved both ways, and results were consolidated in the head office accounts. Separate accounts, staff, distance and book entries did not create a separate business. The operations were held to form one business, so the loss set-off was available. en-us Fri, 16 Feb 1945 00:00:00 +0630 Sat, 05 Sep 2020 11:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290036 The right to carry forward and set off a loss under Section 24(2) depends on whether the profit-making activity is the same business that sustained the loss. Distinct trading operations are treated as one business where there is inter-connection, interlacing, interdependence and unity of control. On the facts, the foreign and domestic operations were managed from the head office, day-books were sent periodically to headquarters, instructions issued from there, remittances moved both ways, and results were consolidated in the head office accounts. Separate accounts, staff, distance and book entries did not create a separate business. The operations were held to form one business, so the loss set-off was available. Case-Laws Income Tax Fri, 16 Feb 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=290036