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2013 (7) TMI 736 - GUJARAT HIGH COURTDisallowance on account of of Forex Trading Loss - Tribunal confirmed disallowance - Held that:- investment was made in the name of the firm. The amount invested was also from the account of the firm. The partner, therefore, cannot individually claim any deduction of such loan in the individual capacity - subject to the contract between the partners, partnership firm shall indemnify the partner in respect of the payments made and liabilities incurred by him in the ordinary and proper conduct of the business and in doing such act, in an emergency for the purpose of protecting the firm from loss, as would be done by a person of ordinary prudence, in his own case, under similar circumstances - Decided against assessee.
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