https://www.taxtmi.com/caselaws?id=210684 The court granted condonation of delay in filing the appeal, but ultimately dismissed it. The appellant's attempt to set off a partnership firm's loss against his individual income was rejected. The court emphasized the separate taxable entities of the partnership firm and the individual, ruling that the appellant could not benefit from the firm's losses post-dissolution. The judgment clarified the distinctions between Sections 78(2) and 170(1) of the Income Tax Act, emphasizing that losses cannot be set off without specific provisions. No costs were awarded in this case. en-us Wed, 08 Feb 2012 00:00:00 +0530 Fri, 25 Oct 2013 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=210684 The court granted condonation of delay in filing the appeal, but ultimately dismissed it. The appellant's attempt to set off a partnership firm's loss against his individual income was rejected. The court emphasized the separate taxable entities of the partnership firm and the individual, ruling that the appellant could not benefit from the firm's losses post-dissolution. The judgment clarified the distinctions between Sections 78(2) and 170(1) of the Income Tax Act, emphasizing that losses cannot be set off without specific provisions. No costs were awarded in this case. Case-Laws Income Tax Wed, 08 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=210684