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of <h1>Firm's Losses Can't Offset Agricultural Income for Tax Purposes</h1> <h3>Commissioner Of Income-Tax Versus M. Balasubramanian</h3> The HC of Madras held that the share of loss from a firm cannot offset agricultural income for tax purposes, ruling in favor of the Department. - ... Rate Of Tax, Agricultural Income, Firm, Partner The High Court of Madras ruled that the share of loss from a firm cannot be set off against agricultural income for tax purposes. The decision was based on a previous case and was in favor of the Department.
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