https://www.taxtmi.com/caselaws?id=37786 The High Court ruled in favor of the assessee, a coal mining company acting as an agent for coal purchase and sale, allowing the adjustment of losses brought forward from previous years against current profits. The Court held that the company's coal-related activities constituted an integrated trade or business, meeting the criteria for setoff under section 72 of the Income Tax Act, 1961. By emphasizing the continuity and integration of business operations, the judgment highlights the importance of a comprehensive evaluation of business activities to determine eligibility for loss adjustment under the Act. en-us Tue, 06 Jan 1976 00:00:00 +0530 Thu, 01 Apr 2010 11:17:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37786 The High Court ruled in favor of the assessee, a coal mining company acting as an agent for coal purchase and sale, allowing the adjustment of losses brought forward from previous years against current profits. The Court held that the company's coal-related activities constituted an integrated trade or business, meeting the criteria for setoff under section 72 of the Income Tax Act, 1961. By emphasizing the continuity and integration of business operations, the judgment highlights the importance of a comprehensive evaluation of business activities to determine eligibility for loss adjustment under the Act. Case-Laws Income Tax Tue, 06 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37786