https://www.taxtmi.com/caselaws?id=276803 A partnership arrangement and account material were treated as sufficient to support the assessee's position; the mere fact that speculative ankdas stood in one partner's name did not, by itself, disprove that the transactions were the assessee's, and the adverse finding was unsupported by legal evidence. On the tax issue, the Income-tax Act, 1922 was read to permit a partner's share of loss from an unregistered firm to enter computation of business income, and the firm's separate assessment was not a condition precedent where the loss was established and no statutory bar applied. The assessees' claimed set-off was therefore upheld. en-us Thu, 23 Oct 1958 00:00:00 +0530 Sat, 17 Nov 2018 16:34:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276803 A partnership arrangement and account material were treated as sufficient to support the assessee's position; the mere fact that speculative ankdas stood in one partner's name did not, by itself, disprove that the transactions were the assessee's, and the adverse finding was unsupported by legal evidence. On the tax issue, the Income-tax Act, 1922 was read to permit a partner's share of loss from an unregistered firm to enter computation of business income, and the firm's separate assessment was not a condition precedent where the loss was established and no statutory bar applied. The assessees' claimed set-off was therefore upheld. Case-Laws Income Tax Thu, 23 Oct 1958 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276803