https://www.taxtmi.com/caselaws?id=8081 Under the Indian Income-tax Act, 1922, the tax treatment of registered and unregistered firms is distinct, and a partner in an unregistered firm cannot obtain a double benefit by setting off his share of the firm's loss against his personal income or against his share of profits from registered firms in the same year. The statutory scheme for assessment, set-off, and carry-forward of firm losses operates at the firm level, and the proviso invoked by the taxpayers could not be extended beyond its intended scope. The later position under section 77 of the Income-tax Act, 1961 was noted as consistent with this principle. en-us Wed, 09 Sep 1970 00:00:00 +0530 Sat, 28 Mar 2009 11:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8081 Under the Indian Income-tax Act, 1922, the tax treatment of registered and unregistered firms is distinct, and a partner in an unregistered firm cannot obtain a double benefit by setting off his share of the firm's loss against his personal income or against his share of profits from registered firms in the same year. The statutory scheme for assessment, set-off, and carry-forward of firm losses operates at the firm level, and the proviso invoked by the taxpayers could not be extended beyond its intended scope. The later position under section 77 of the Income-tax Act, 1961 was noted as consistent with this principle. Case-Laws Income Tax Wed, 09 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8081