Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2003 (5) TMI 199 - ITAT CALCUTTA-E
Extract:
.......y the Ld. Third Member, we hold that the A.O.P. is an independent assessable entity, different and distinct from its members and the loss can be set off only against its own profits and not against profits of its members. Accordingly, the order passed under section 263 by the CIT is cancelled. . In the result, the appeal of the assessee is allowed.