1965 (4) TMI 6 - HC - Income Tax

Set off of loss - If a person carries on two or more distinct businesses, the profits or losses of all of them ought to be added together and the aggregate sum so arrived at would represent his profits or gains in the business. If the net result of this calculation shows a loss, such loss may u/s 24 of the Act be set off against the profits or gains derived by the assessee from other heads of income of that year