1993 (2) TMI 71

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....the assessee's claim for setting off of loss incurred in managing agency business against profit made in dealing in iron and steel pipes. The assessee is a company. The assessment years are 1972-73 and 1973-74 and the previous years are the corresponding financial years ending on March 31, 1972, and March 31, 1973, respectively. Previously, the assessee was acting as managing agents of two compani....

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....n of this court : " 1. Whether, on the facts and circumstances of the case, the business activity of the assessee in the past, of managing agency up to March 31, 1970, and the business activity of trading in iron and steel pipes during the relevant previous years constituted one and the same business and it could be said that the business which the assessee carried on in the assessment years 1967....