https://www.taxtmi.com/caselaws?id=39923 Loss carry-forward under the Indian Income-tax Act, 1922 depends on whether the later profits arise from the same business in which the loss was incurred. In insurance operations, the statutory method of computing income does not by itself make life and general insurance separate businesses. The decisive factors are operational unity, common management, common funds, shared administration, book-keeping and place of business. On the facts, the life and general insurance activities formed a composite undertaking, so the unabsorbed life insurance loss could be set off against general insurance profits. en-us Wed, 26 Oct 1966 00:00:00 +0530 Tue, 12 Aug 2014 19:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39923 Loss carry-forward under the Indian Income-tax Act, 1922 depends on whether the later profits arise from the same business in which the loss was incurred. In insurance operations, the statutory method of computing income does not by itself make life and general insurance separate businesses. The decisive factors are operational unity, common management, common funds, shared administration, book-keeping and place of business. On the facts, the life and general insurance activities formed a composite undertaking, so the unabsorbed life insurance loss could be set off against general insurance profits. Case-Laws Income Tax Wed, 26 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39923