https://www.taxtmi.com/caselaws?id=292448 The losses claimed from the old business were deemed not allowable against the income of the new firm. Assets taken over from the old firm were treated as debts, and losses from smaller sums of debts were categorized as capital losses, not trading losses. The rule was discharged with costs. en-us Tue, 30 Apr 1940 00:00:00 +0530 Thu, 24 Dec 2020 17:42:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292448 The losses claimed from the old business were deemed not allowable against the income of the new firm. Assets taken over from the old firm were treated as debts, and losses from smaller sums of debts were categorized as capital losses, not trading losses. The rule was discharged with costs. Case-Laws Income Tax Tue, 30 Apr 1940 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292448