https://www.taxtmi.com/caselaws?id=8917 Where an unregistered firm was not assessed in its own hands, a partner's share of its business loss was required to enter the partner's individual computation of business income under section 10 of the Indian Income-tax Act, 1922. The Delhi HC held that the same principle applicable to a partner's share of profits also applied to losses, so the loss could be set off against the profits of the partner's personal business. It further held that the second proviso to section 24(1) barred set-off only where the unregistered firm itself claimed the adjustment, and did not prevent the partner from claiming it in his individual assessment. en-us Tue, 05 Dec 1972 00:00:00 +0530 Wed, 17 Jun 2009 11:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8917 Where an unregistered firm was not assessed in its own hands, a partner's share of its business loss was required to enter the partner's individual computation of business income under section 10 of the Indian Income-tax Act, 1922. The Delhi HC held that the same principle applicable to a partner's share of profits also applied to losses, so the loss could be set off against the profits of the partner's personal business. It further held that the second proviso to section 24(1) barred set-off only where the unregistered firm itself claimed the adjustment, and did not prevent the partner from claiming it in his individual assessment. Case-Laws Income Tax Tue, 05 Dec 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8917