https://www.taxtmi.com/caselaws?id=9061 Section 25A of the Indian Income-tax Act, 1922 is a machinery provision governing assessment after partition of a Hindu undivided family; failure to dispose of a partition claim before completing assessment does not void the assessment or destroy jurisdiction, but creates a correctable irregularity requiring modification under the statutory procedure. The article also treats a compromise loss as a trading loss where the amount was advanced in the course of business and the settlement was made wholly and exclusively for commercial reasons. On that footing, the assessment had to be adjusted under the partition machinery and the disputed sum was deductible as a business loss. en-us Fri, 30 Jun 1972 00:00:00 +0530 Fri, 19 Jun 2009 11:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9061 Section 25A of the Indian Income-tax Act, 1922 is a machinery provision governing assessment after partition of a Hindu undivided family; failure to dispose of a partition claim before completing assessment does not void the assessment or destroy jurisdiction, but creates a correctable irregularity requiring modification under the statutory procedure. The article also treats a compromise loss as a trading loss where the amount was advanced in the course of business and the settlement was made wholly and exclusively for commercial reasons. On that footing, the assessment had to be adjusted under the partition machinery and the disputed sum was deductible as a business loss. Case-Laws Income Tax Fri, 30 Jun 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9061