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2012 (2) TMI 214 - HC - Income TaxSet- off of loss – partnership on dissolution on 18.09.04 taken over by one partner – loss of partnership set off against income earned as individual – A.Y. 05-06 – Held that:-When the assessee took over the business of the erstwhile partnership firm, it was not a case of succession by inheritance. Partnership firm is a separate and distinct unit of assessment and ceased to exist on dissolution on 18.09.04. Income of partnership firm is to be assessed for the period 1.4.2004 to 18.9.2004. After 18.9.2004, business is carried on as a sole proprietor. The income earned by the appellant, as an individual, would include his share of loss as an individual but not the losses suffered by the partnership firm – Decided against the assessee.
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