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1966 (10) TMI 49 - SC - Income Tax
Whether the unabsorbed losses incurred by the assessee in the earlier years in its life insurance business are available to be set off against its profits from general insurance business for the assessment years 1951-52 to 1954-55?
Held that:- The High Court was right in holding that the life insurance business and the general insurance business constitute the same business within the meaning of section 24(2) of the Act. Appeal dismissed.