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PETITIONER: SETABGUNJ SUGAR MILLS LTD.
Vs.
RESPONDENT: THE COMMISSIONER OF INCOME-TAX,CENTRAL, CALCUTTA.
DATE OF JUDGMENT: 17/11/1960
BENCH: HIDAYATULLAH, M. BENCH: HIDAYATULLAH, M. KAPUR, J.L. SHAH, J.C.
CITATION: 1961 AIR 360 1961 SCR (2) 488 CITATOR INFO : F 1969 SC 946 (4) RF 1978 SC1320 (9)
ACT: Income Tax-Company having several activities-Set-off of loss in one, when can be claimed against profits in another-Whe- ther activities constitute one business or separate businesses-Mixed question of law and fact-Indian Income Tax Act, 1922, (11 of 1922) SS. 24(2), 66(2).
HEADNOTE: The appellant company which had different ventures claimed to set off against the profits of one venture the losses of its other venture which were brought forward from the back years, contending that the losses were of the same business and S. 24(2) of the Indian Income-tax Act applied. The ’tribunal rejected the appellants contention and gave reasons why the various activities of the company could not be construed as the same business for the application of S. 24(2). The company then asked the Tribunal to make a reference to the High Court on questions of law arising out of Tribunal’s order. The Tribunal declined to make a reference. The com- pany moved the High Court of Calcutta, under s. 66(2) of 489 Income-tax Act, for calling upon the Tribunal to ...