https://www.taxtmi.com/caselaws?id=186834 A business loss incurred by an assessee as sole proprietor remained eligible for carry-forward and set-off when the same concern was later carried on in partnership, because continuity of the business identity was preserved. The change from proprietorship to partnership did not break the statutory requirement where the going concern, assets and liabilities, and business substance remained the same; only the persons carrying on the business changed. The court therefore held that the assessee could set off the carried-forward loss against his share of partnership profits, subject to the statutory conditions being satisfied. en-us Wed, 29 Mar 1961 00:00:00 +0530 Sat, 01 Oct 2016 16:59:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186834 A business loss incurred by an assessee as sole proprietor remained eligible for carry-forward and set-off when the same concern was later carried on in partnership, because continuity of the business identity was preserved. The change from proprietorship to partnership did not break the statutory requirement where the going concern, assets and liabilities, and business substance remained the same; only the persons carrying on the business changed. The court therefore held that the assessee could set off the carried-forward loss against his share of partnership profits, subject to the statutory conditions being satisfied. Case-Laws Income Tax Wed, 29 Mar 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186834