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2014 (5) TMI 153 - HC - Income TaxEntitlement for claim of set off of past losses - same business - Criteria for determination of claim – Nature of the business OR common management – Held that:- The decisive test is the unit of control, common management and common control of business and not the nature of the two line of the business - The main consideration which has to prevail is notwithstanding the fact that the assessee may close one activity and to carry on the other activity, if there is unity of control, common control and common management who carried out the business earlier and in a subsequent year it amounts to carry on the same business in the year under consideration - the set off of the loss has been claimed against income from the business which accrued from the business activity - The two nature of business is wholly irrelevant - The Tribunal has categorically recorded the finding that there was common management, unity of control and common control of business continued – there was no error in the order of the Tribunal – Decided against Revenue.
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