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1978 (5) TMI 3 - SC - Income Tax
Business of import and sale was closed by the appellant - there was a common control and common management of the same board of directors" of the business of import and export. Thus, the unity of control and the other circumstances adverted to above show that there was dovetailing or inter-lacing between the business of import and the business of export carried on by the assessee and that they constitute the same business - that the appellant is entitled to set off the unabsorbed loss