https://www.taxtmi.com/caselaws?id=244514 The tribunal held that the assessee, as a partner in a partnership firm, cannot set off the firm's unabsorbed depreciation against his individual income under section 70(1) of the Income-tax Act, 1961. The appeal was dismissed, affirming the lower authorities' decisions. The judgment clarified that partnership firm profits are taxed at the firm level, not at the individual partner level. The order was pronounced on 19th February 2014. en-us Wed, 19 Feb 2014 00:00:00 +0530 Fri, 28 Feb 2014 06:57:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244514 The tribunal held that the assessee, as a partner in a partnership firm, cannot set off the firm's unabsorbed depreciation against his individual income under section 70(1) of the Income-tax Act, 1961. The appeal was dismissed, affirming the lower authorities' decisions. The judgment clarified that partnership firm profits are taxed at the firm level, not at the individual partner level. The order was pronounced on 19th February 2014. Case-Laws Income Tax Wed, 19 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244514