https://www.taxtmi.com/caselaws?id=66088 The Tribunal allowed the appeal, overturning the decisions of lower authorities, and ruled that the loss of Rs. 10,974 incurred by the assessee in one firm could be set off against profits earned in other firms for the same assessment year. The Tribunal emphasized that such adjustment was permissible under the Income-tax Act without requiring the firm's assessment to determine the share of loss. It also held that disallowing the loss as a prima facie adjustment exceeded the Income-tax Officer's powers under section 143(1)(a) of the Act. en-us Thu, 31 Mar 1994 00:00:00 +0530 Mon, 21 Feb 2011 13:20:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66088 The Tribunal allowed the appeal, overturning the decisions of lower authorities, and ruled that the loss of Rs. 10,974 incurred by the assessee in one firm could be set off against profits earned in other firms for the same assessment year. The Tribunal emphasized that such adjustment was permissible under the Income-tax Act without requiring the firm's assessment to determine the share of loss. It also held that disallowing the loss as a prima facie adjustment exceeded the Income-tax Officer's powers under section 143(1)(a) of the Act. Case-Laws Income Tax Thu, 31 Mar 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66088