https://www.taxtmi.com/caselaws?id=66224 The Tribunal ruled in favor of the assessee, holding that the disallowance of set off against income under 'capital gains' was not justified as it was based on debatable issues beyond the scope of section 143(1)(a). The Tribunal emphasized the provisions of section 75 regarding the set off of losses from a firm and the lack of explicit preclusion for such set off in the hands of the partner. The decision in Garden Silk Weaving Factory v. CIT was cited to highlight the need for clarity on the treatment of losses allocated to partners. The Tribunal allowed the assessee's appeal and deleted the adjustment made by the Assessing Officer. en-us Thu, 11 Jul 2002 00:00:00 +0530 Tue, 22 Feb 2011 15:47:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66224 The Tribunal ruled in favor of the assessee, holding that the disallowance of set off against income under 'capital gains' was not justified as it was based on debatable issues beyond the scope of section 143(1)(a). The Tribunal emphasized the provisions of section 75 regarding the set off of losses from a firm and the lack of explicit preclusion for such set off in the hands of the partner. The decision in Garden Silk Weaving Factory v. CIT was cited to highlight the need for clarity on the treatment of losses allocated to partners. The Tribunal allowed the assessee's appeal and deleted the adjustment made by the Assessing Officer. Case-Laws Income Tax Thu, 11 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66224