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of <h1>Partnership Firm Cannot Offset Losses Against Another Concern's Profits</h1> <h3>Shiv Narain and Sons Versus Commissioner of Income Tax</h3> The High Court of Lahore ruled that losses in a partnership firm could not be set off against profits of another concern as the partnership firm was not a ... - The High Court of Lahore directed the Commissioner of Income Tax to state facts and refer questions. The case involved setting off losses in a firm against profits of another concern. The court ruled that the losses could not be set off as the partnership firm was not a legal entity. The reference was disposed of, and the Commissioner was allowed costs. (Citation: 1934 (12) TMI 17 - HIGH COURT OF LAHORE)
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