https://www.taxtmi.com/caselaws?id=7102 Section 24(1) of the Indian Income-tax Act, 1922 gives a general right of set-off, but its second proviso creates an exception where the assessee is an unregistered firm not assessed under section 23(5)(b). The text explains that an individual partner cannot treat himself and the firm as the same assessee to bypass that exception, because the firm and partner are distinct capacities for tax purposes. Where the firm's loss has already been assessed in the hands of the unregistered firm, the partner's attempt to set off his share of that loss against personal income is barred. The claim was therefore disallowed in favour of the Revenue. en-us Fri, 30 Sep 1966 00:00:00 +0530 Tue, 10 Feb 2009 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7102 Section 24(1) of the Indian Income-tax Act, 1922 gives a general right of set-off, but its second proviso creates an exception where the assessee is an unregistered firm not assessed under section 23(5)(b). The text explains that an individual partner cannot treat himself and the firm as the same assessee to bypass that exception, because the firm and partner are distinct capacities for tax purposes. Where the firm's loss has already been assessed in the hands of the unregistered firm, the partner's attempt to set off his share of that loss against personal income is barred. The claim was therefore disallowed in favour of the Revenue. Case-Laws Income Tax Fri, 30 Sep 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7102