https://www.taxtmi.com/caselaws?id=70362 The Tribunal allowed the appeal, permitting the set off of losses incurred by a partnership firm as an unregistered entity against profits when assessed as a registered firm, contingent upon the presence of positive income. The decision emphasized that the classification of the firm does not create distinct assessable entities but impacts tax implications. The Tribunal referenced relevant case laws and legislative changes to support its ruling, directing the assessment and apportionment of partners' shares for the set off of losses in accordance with the Income-tax Act. en-us Fri, 13 Jan 1984 00:00:00 +0530 Fri, 15 Apr 2011 17:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70362 The Tribunal allowed the appeal, permitting the set off of losses incurred by a partnership firm as an unregistered entity against profits when assessed as a registered firm, contingent upon the presence of positive income. The decision emphasized that the classification of the firm does not create distinct assessable entities but impacts tax implications. The Tribunal referenced relevant case laws and legislative changes to support its ruling, directing the assessment and apportionment of partners' shares for the set off of losses in accordance with the Income-tax Act. Case-Laws Income Tax Fri, 13 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70362