https://www.taxtmi.com/caselaws?id=58495 The Appellate Tribunal allowed the appeal, permitting the assessee to set off brought forward losses from the business of bookmaking against income from other businesses for the assessment year 1979-80. The Tribunal determined that the business of bookmaking was temporarily suspended due to financial difficulties but was not permanently closed, as evidenced by the intention to resume operations and subsequent events. The Tribunal emphasized that the temporary suspension did not amount to discontinuance of the business, thus entitling the assessee to the set off under section 72 of the Income Tax Act, 1961. en-us Fri, 18 Oct 1985 00:00:00 +0530 Mon, 20 Dec 2010 12:29:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58495 The Appellate Tribunal allowed the appeal, permitting the assessee to set off brought forward losses from the business of bookmaking against income from other businesses for the assessment year 1979-80. The Tribunal determined that the business of bookmaking was temporarily suspended due to financial difficulties but was not permanently closed, as evidenced by the intention to resume operations and subsequent events. The Tribunal emphasized that the temporary suspension did not amount to discontinuance of the business, thus entitling the assessee to the set off under section 72 of the Income Tax Act, 1961. Case-Laws Income Tax Fri, 18 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58495