https://www.taxtmi.com/caselaws?id=290036 Section 24(2) requires that a loss be carried forward and set off only against profits of the same business; the Court applies an inquiry into factual unity and inter-connection rather than formal bookkeeping. On the proved facts-agents abroad under fixed appointments, periodic dispatch of day-books to headquarters, frequent controlling correspondence, remittances both ways and consolidation of final trading results-the Penang operations were held to form part of the same business as the Karaikudi head office. Operative effect: the assessed loss incurred at Karaikudi may be carried forward and set off against Penang profits for 1940-41. 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 Section 24(2) requires that a loss be carried forward and set off only against profits of the same business; the Court applies an inquiry into factual unity and inter-connection rather than formal bookkeeping. On the proved facts-agents abroad under fixed appointments, periodic dispatch of day-books to headquarters, frequent controlling correspondence, remittances both ways and consolidation of final trading results-the Penang operations were held to form part of the same business as the Karaikudi head office. Operative effect: the assessed loss incurred at Karaikudi may be carried forward and set off against Penang profits for 1940-41. Case-Laws Income Tax Fri, 16 Feb 1945 00:00:00 +0630 https://www.taxtmi.com/caselaws?id=290036