https://www.taxtmi.com/caselaws?id=277025 Taxed share income from an unregistered firm, included only for rate purposes, could not be treated as income available for set-off against speculation loss when computing the loss to be carried forward. The court read the set-off and carry-forward scheme as applying only to income, profits, or gains still liable to tax, and not to amounts that had already suffered tax under the special treatment of partners' shares. Allowing such a set-off would indirectly reduce the carried-forward loss and create double taxation in substance. The answer was therefore against the Commissioner of Income-tax. en-us Wed, 19 Mar 1952 00:00:00 +0530 Thu, 22 Nov 2018 12:57:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277025 Taxed share income from an unregistered firm, included only for rate purposes, could not be treated as income available for set-off against speculation loss when computing the loss to be carried forward. The court read the set-off and carry-forward scheme as applying only to income, profits, or gains still liable to tax, and not to amounts that had already suffered tax under the special treatment of partners' shares. Allowing such a set-off would indirectly reduce the carried-forward loss and create double taxation in substance. The answer was therefore against the Commissioner of Income-tax. Case-Laws Income Tax Wed, 19 Mar 1952 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277025