AIR 1952 CALCUTTA 540

Calcutta High Court

Hon'ble Judge(s): Harries , C.J. AND B. P. Banerjee , J

Income-Tax Act (11 of 1922) , S.24(2)— 'Same business' - Meaning. The words "business, profession or vocation" appearing in S.24(2) do not cover more than one business and more than one profession or vocation. As the words "the same business, profession or vocation" appear in the sub-section in the singular, it is difficult to apply them to cover more than one business or more than one profession or vocation. Where an assessee carried on more than one business and such were separate, the loss incurred in one business could only be set off in the following year against profits of that business and not against the profits of another business carried on by the assessee. AIR 1943 Nag 317 and AIR 1945 Mad 318, Rel. on.(Para 13 15) Anno : I. T. Act, S. 24, N. 5.