https://www.taxtmi.com/caselaws?id=26098 For carry forward and set off of business loss under section 72(1) of the Income-tax Act, the decisive inquiry is whether the assessee's activities form one composite business, judged by interconnection, interlacing, interdependence and unity. Relevant indicators include common management, business organisation, administration, funds and place of business; the mere cessation of one activity does not by itself negate continuity where the composite concern continues. Common books of account and a common source of funds were treated as material supporting unity of control and management, and the loss set-off was accordingly admissible. en-us Tue, 28 Jan 1986 00:00:00 +0530 Tue, 02 Feb 2010 17:12:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26098 For carry forward and set off of business loss under section 72(1) of the Income-tax Act, the decisive inquiry is whether the assessee's activities form one composite business, judged by interconnection, interlacing, interdependence and unity. Relevant indicators include common management, business organisation, administration, funds and place of business; the mere cessation of one activity does not by itself negate continuity where the composite concern continues. Common books of account and a common source of funds were treated as material supporting unity of control and management, and the loss set-off was accordingly admissible. Case-Laws Income Tax Tue, 28 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26098