https://www.taxtmi.com/caselaws?id=292641 Where a business is succeeded only after the close of the accounting year, the right to set off the loss under the loss set-off provision remains with the assessee that actually sustained the loss in that year. The successor companies, having come into existence only later and not having carried on the business during the loss year, could not be treated as having incurred that loss. The succession provision was held not to displace the predecessor's statutory entitlement to set-off in these circumstances, so the loss relief was attributable to the original assessee and not to the later companies. en-us Thu, 24 Feb 1938 00:00:00 +0530 Sat, 02 Jan 2021 12:34:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292641 Where a business is succeeded only after the close of the accounting year, the right to set off the loss under the loss set-off provision remains with the assessee that actually sustained the loss in that year. The successor companies, having come into existence only later and not having carried on the business during the loss year, could not be treated as having incurred that loss. The succession provision was held not to displace the predecessor's statutory entitlement to set-off in these circumstances, so the loss relief was attributable to the original assessee and not to the later companies. Case-Laws Income Tax Thu, 24 Feb 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292641