https://www.taxtmi.com/caselaws?id=14401 The statutory scheme under sections 71(1) and 75 of the Income-tax Act, 1961 was held to permit earlier unabsorbed losses to be carried forward, set off and apportioned among partners even when the firm had been unregistered in the year the losses arose. Registration was treated as affecting the rate and mode of taxation and related benefits, but not as extinguishing the character of losses already incurred or requiring the unregistered period to be disregarded. As the provisions for registered firms did not exclude such prior losses, the claim was accepted in favour of the assessee and against the Revenue. en-us Tue, 15 Dec 1998 00:00:00 +0530 Wed, 15 Jul 2009 16:14:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14401 The statutory scheme under sections 71(1) and 75 of the Income-tax Act, 1961 was held to permit earlier unabsorbed losses to be carried forward, set off and apportioned among partners even when the firm had been unregistered in the year the losses arose. Registration was treated as affecting the rate and mode of taxation and related benefits, but not as extinguishing the character of losses already incurred or requiring the unregistered period to be disregarded. As the provisions for registered firms did not exclude such prior losses, the claim was accepted in favour of the assessee and against the Revenue. Case-Laws Income Tax Tue, 15 Dec 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14401