https://www.taxtmi.com/caselaws?id=276322 A partner's share of a loss arising in a registered firm could be carried forward and set off under the 1922 Act where it was not absorbed in the year of assessment. The decisive question was whether the business later carried on by the assessee as sole proprietor after dissolution was the same business as that conducted through the firm. On the facts, the business identity continued despite the change from partnership to sole proprietorship, so the loss remained available for set-off against later profits. The assessee was therefore entitled to carry forward and set off the share of the firm's loss. en-us Mon, 08 Jan 1962 00:00:00 +0530 Tue, 06 Nov 2018 11:12:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276322 A partner's share of a loss arising in a registered firm could be carried forward and set off under the 1922 Act where it was not absorbed in the year of assessment. The decisive question was whether the business later carried on by the assessee as sole proprietor after dissolution was the same business as that conducted through the firm. On the facts, the business identity continued despite the change from partnership to sole proprietorship, so the loss remained available for set-off against later profits. The assessee was therefore entitled to carry forward and set off the share of the firm's loss. Case-Laws Income Tax Mon, 08 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276322