TMI Blog1993 (2) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... for setting off of loss incurred in managing agency business against profit made in dealing in iron and steel pipes. The assessee is a company. The assessment years are 1972-73 and 1973-74 and the previous years are the corresponding financial years ending on March 31, 1972, and March 31, 1973, respectively. Previously, the assessee was acting as managing agents of two companies, viz., Messrs. Kha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Whether, on the facts and circumstances of the case, the business activity of the assessee in the past, of managing agency up to March 31, 1970, and the business activity of trading in iron and steel pipes during the relevant previous years constituted one and the same business and it could be said that the business which the assessee carried on in the assessment years 1967-68 to 1969-70 conti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee. On due consideration of the submissions of the parties and after carefully going through the order of the Tribunal, we do not find any infirmity in its order, declining to accept the assessee's contention regarding carry forward and set-off of losses. In this view of the matter, we answer question No. 1 in favour of the Revenue and against the assessee. In view of our answer to que ..... X X X X Extracts X X X X X X X X Extracts X X X X
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