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2005 (11) TMI 52 - GUJARAT HIGH COURTNew business - carry forward and set off of accumulated losses - "Whether, the Tribunal is right in holding that the new business carried out can be held to be the same as that of the earlier years, and therefore, the assessee is entitled to the benefit of carry forward and set off of accumulated losses?" - Tribunal has recorded that the assessee had common management and common control of business. That there was no difference in the business carried on by the assessee in two different accounting periods considering the unity of control. Nothing has been pointed out on behalf of the applicant-Revenue to even suggest that these findings of fact recorded by the Tribunal are not correct, except for making a faint effort that the Tribunal had not found that there was common place of business. - at this stage, it is not possible to raise a presumption that the place of business was not common, nor is it necessary to send the matter back for this limited purpose - held that the Tribunal was justified in holding that the new business carried on by the assessee was the same business as in the earlier years and the assessee was entitled to the benefit to carry forward and set off accumulated losses
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