https://www.taxtmi.com/caselaws?id=193104 A partner's share of loss in an unregistered firm is treated as business loss under the Income-tax Act, 1922 and may be adjusted against profits from his other businesses in the same year. The scheme of section 10 allows profits and losses of different businesses carried on by the same assessee to be computed within the same head, while section 16(1)(b) brings a partner's share of firm profit or loss into total income. Section 24 governs inter-head set-off and carry-forward, so its provisos do not bar intra-head adjustment under business income. The claim for set-off was therefore allowed in favour of the assessee. en-us Tue, 02 Nov 1965 00:00:00 +0530 Fri, 07 Aug 2020 18:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193104 A partner's share of loss in an unregistered firm is treated as business loss under the Income-tax Act, 1922 and may be adjusted against profits from his other businesses in the same year. The scheme of section 10 allows profits and losses of different businesses carried on by the same assessee to be computed within the same head, while section 16(1)(b) brings a partner's share of firm profit or loss into total income. Section 24 governs inter-head set-off and carry-forward, so its provisos do not bar intra-head adjustment under business income. The claim for set-off was therefore allowed in favour of the assessee. Case-Laws Income Tax Tue, 02 Nov 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193104