https://www.taxtmi.com/caselaws?id=15148 On a partial partition, where income is diverted at source by an overriding title, the corresponding loss from the same source is also attributable to the beneficiary. The Madras HC noted that the assessee claimed a one-third share in the loss of a firm standing in his father's name after partial partition, while the assessing authority treated the loss as belonging only to the father. The appellate authorities accepted that the loss relatable to the assessee's share could be set off in his individual assessment. The principle applied was that the legal effect of diversion of profit at source extends equally to the matching loss arising from that source, and the assessee was entitled to the share of loss notwithstanding the father's partnership interest. en-us Thu, 16 Apr 1998 00:00:00 +0530 Mon, 03 Aug 2009 13:13:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15148 On a partial partition, where income is diverted at source by an overriding title, the corresponding loss from the same source is also attributable to the beneficiary. The Madras HC noted that the assessee claimed a one-third share in the loss of a firm standing in his father's name after partial partition, while the assessing authority treated the loss as belonging only to the father. The appellate authorities accepted that the loss relatable to the assessee's share could be set off in his individual assessment. The principle applied was that the legal effect of diversion of profit at source extends equally to the matching loss arising from that source, and the assessee was entitled to the share of loss notwithstanding the father's partnership interest. Case-Laws Income Tax Thu, 16 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15148