https://www.taxtmi.com/caselaws?id=6198 For a registered firm under the Indian Income-tax Act, 1922, the Income-tax Officer must compute the firm's income and partners' shares in accordance with the registered partnership deed and cannot disregard the registered arrangement to assess those shares in the hands of Hindu undivided families; such a reallocation is beyond jurisdiction. On set-off, speculative losses could not be adjusted against profits from other business in the same assessment year under the provision applied, so the claim was disallowed. The discussion therefore notes partial relief on the jurisdictional issue but rejection of the set-off claim. en-us Tue, 28 Apr 1970 00:00:00 +0530 Sat, 20 Jan 2018 12:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6198 For a registered firm under the Indian Income-tax Act, 1922, the Income-tax Officer must compute the firm's income and partners' shares in accordance with the registered partnership deed and cannot disregard the registered arrangement to assess those shares in the hands of Hindu undivided families; such a reallocation is beyond jurisdiction. On set-off, speculative losses could not be adjusted against profits from other business in the same assessment year under the provision applied, so the claim was disallowed. The discussion therefore notes partial relief on the jurisdictional issue but rejection of the set-off claim. Case-Laws Income Tax Tue, 28 Apr 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6198