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1960 (12) TMI 9 - SC - Income TaxWhether the share income of the assessees from the unregistered firm (which is separately taxed), namely, ₹ 26,110 can be set off against their share loss from registered firms, namely, ₹ 13,167 ? Held that:- Though the decision of the High Court on the main issue and on one aspect of the question posed for its opinion was correct, it was in error in deciding that the losses of the registered firms could not be carried forward because they had been absorbed by the profits of the unregistered firm. Subject to that modification, the appeal will be dismissed
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