https://www.taxtmi.com/caselaws?id=69945 A partner's share of profits or losses from a firm retains its character as business income even when, by partition or an overriding arrangement, the income is shared with another person. The diversion at source does not change the nature of the underlying income, and the same position applies where the arrangement is treated as a sub-partnership. On that basis, the unabsorbed loss relatable to such income was eligible for carry forward and set-off under section 72(1) of the Income-tax Act, 1961, and the disallowance was unsustainable. en-us Wed, 27 Apr 1983 00:00:00 +0530 Wed, 13 Apr 2011 10:32:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69945 A partner's share of profits or losses from a firm retains its character as business income even when, by partition or an overriding arrangement, the income is shared with another person. The diversion at source does not change the nature of the underlying income, and the same position applies where the arrangement is treated as a sub-partnership. On that basis, the unabsorbed loss relatable to such income was eligible for carry forward and set-off under section 72(1) of the Income-tax Act, 1961, and the disallowance was unsustainable. Case-Laws Income Tax Wed, 27 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69945