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1972 (12) TMI 18 - HC - Income TaxSet Off - " Whether, on the facts, and in the circumstances of the case, the Tribunal was right in holding that the assessee was entitled to set off his share of loss in a business carried on by an unregistered firm against the profits of his personal business? " - question iis answered n the affirmative, in favour of the assessee and against the department - If a profit from an unregistered firm has to be added to the income of an individual partner and he has to pay tax on that amount subject to the provisions of section 14(2)(a) of the Act, there does not seem to be any reason why the same should not be held true of a loss.
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