https://www.taxtmi.com/caselaws?id=165170 For income-tax purposes, a partner's set-off is confined to his own share of the firm's loss for the relevant year; a claim to carry forward and aggregate an ex-partner's unpaid share of past partnership losses after dissolution is outside that scheme. The text also states that transferring a partnership debit into money-lending books does not change its true character: a contribution claim arising from financing the venture is not converted into a loan or deductible bad debt by book entries, a promissory note, or a later mortgage. The alleged amount is therefore not treated as a business loss of the money-lending concern. en-us Thu, 27 Feb 1936 00:00:00 +0530 Fri, 12 Sep 2014 18:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165170 For income-tax purposes, a partner's set-off is confined to his own share of the firm's loss for the relevant year; a claim to carry forward and aggregate an ex-partner's unpaid share of past partnership losses after dissolution is outside that scheme. The text also states that transferring a partnership debit into money-lending books does not change its true character: a contribution claim arising from financing the venture is not converted into a loan or deductible bad debt by book entries, a promissory note, or a later mortgage. The alleged amount is therefore not treated as a business loss of the money-lending concern. Case-Laws Income Tax Thu, 27 Feb 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165170