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1973 (2) TMI 43 - MADRAS HIGH COURTAssessee derived income from property as also from other sources. Besides, he was one of the two partners in a firm - That firm carried on money-lending business and also derived income from its house properties - Whether the carried forward business loss of a partner can be set-off against share income from a firm - Whether, on the facts and in the circumstances of the case, the assessee's share income from property in the registered firm of 'S.Rm.M. Ct.M.' was income from property or profits and gains of business - In any view of the matter, we are not inclined to hold that the share income derived by the assessee in this case is not a business income. The result is that the assessee's share income has to be assessed under the head " profits and gains of business " and the question is answered accordingly.
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