https://www.taxtmi.com/caselaws?id=37520 For set-off of carried forward loss, the real test is whether the later profits arose from the same business in which the loss was incurred. On the facts, two partnership firms were engaged in film exhibition with common management, coordinated dealings with distributors, and financial interdependence, showing inter-connection, inter-lacing and unity of operations. The separate partnership form did not by itself break continuity of the business for section 24(2) purposes. The assessee was therefore entitled to set off the carried forward loss against the business income and share income from the other firm. en-us Mon, 31 Jul 1978 00:00:00 +0530 Tue, 30 Mar 2010 12:55:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37520 For set-off of carried forward loss, the real test is whether the later profits arose from the same business in which the loss was incurred. On the facts, two partnership firms were engaged in film exhibition with common management, coordinated dealings with distributors, and financial interdependence, showing inter-connection, inter-lacing and unity of operations. The separate partnership form did not by itself break continuity of the business for section 24(2) purposes. The assessee was therefore entitled to set off the carried forward loss against the business income and share income from the other firm. Case-Laws Income Tax Mon, 31 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37520