Same Business - Definition - Law Dictionary Home Dictionary Definition same-business

Definition :

Same business, the business of the company of deal-ing in shares and the business of manufacturing sugar and other commodities constitute the same business within the meaning of s. 24(2) of the Indian Income-tax Act, 1922, Standard Refinery and Distillery Ltd. v. Commissioner of Income Tax, AIR 1971 SC 2293: (1971) 1SCC 315: (1971) 3 SCR 378.

In determining whether two lines of business constitute the 'same business' within the meaning of s. 24(2) of the Income-tax Act, the Income-tax authorities must consider the inter-connection, inter-lacing, inter-dependence and unity furnished by the existence management, common business organisation ,common administration, common Fund and a common place of business, Standard Refinery and Distillery Ltd. v. CIT, AIR 1970 SC 1379 (1380). [Income Tax Act, 1922, s. 24(2)]