https://www.taxtmi.com/caselaws?id=277024 A member's share of income from an association of persons remains taxable as income in the recipient's hands even where the association has already been separately assessed, because prior taxation at the association level affects only the quantum received and not the character of the receipt. A carried-forward business loss under section 24(2) is confined to set-off against the profits and gains of the same business, profession or vocation in which it arose; it cannot be adjusted against income from a distinct business carried on by the same assessee. The reference was answered partly for the Revenue, with the first issue decided in the affirmative and the second in the negative. en-us Fri, 11 May 1951 00:00:00 +0530 Thu, 22 Nov 2018 12:52:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277024 A member's share of income from an association of persons remains taxable as income in the recipient's hands even where the association has already been separately assessed, because prior taxation at the association level affects only the quantum received and not the character of the receipt. A carried-forward business loss under section 24(2) is confined to set-off against the profits and gains of the same business, profession or vocation in which it arose; it cannot be adjusted against income from a distinct business carried on by the same assessee. The reference was answered partly for the Revenue, with the first issue decided in the affirmative and the second in the negative. Case-Laws Income Tax Fri, 11 May 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277024