https://www.taxtmi.com/caselaws?id=58966 The Tribunal upheld the decision of the Commissioner [Appeals] and dismissed the appeal, stating that the assessee did not continue the same business as the dissolved firm, as required for the carry forward of losses. The judgment distinguished the case from a Supreme Court decision where carry forward was allowed due to the business activity not being discontinued. The Tribunal emphasized the need for continuity in the same business for the eligibility of carrying forward losses, which was lacking in the present case. en-us Thu, 13 Mar 1986 00:00:00 +0530 Thu, 23 Dec 2010 13:33:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58966 The Tribunal upheld the decision of the Commissioner [Appeals] and dismissed the appeal, stating that the assessee did not continue the same business as the dissolved firm, as required for the carry forward of losses. The judgment distinguished the case from a Supreme Court decision where carry forward was allowed due to the business activity not being discontinued. The Tribunal emphasized the need for continuity in the same business for the eligibility of carrying forward losses, which was lacking in the present case. Case-Laws Income Tax Thu, 13 Mar 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58966