https://www.taxtmi.com/caselaws?id=19857 The High Court ruled against the assessee, stating that Circular No. 30 of 1941 does not apply to her claim for setting off losses from an unregistered partnership against personal income. The court emphasized that Section 77(2) of the Income-tax Act, 1961, explicitly prohibits such set off, rejecting the Tribunal's decision to allow it. The judgment favored the Revenue, holding that the assessee cannot claim the set off based on the circular or any other grounds. en-us Wed, 15 Dec 1993 00:00:00 +0530 Tue, 10 Nov 2009 12:25:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19857 The High Court ruled against the assessee, stating that Circular No. 30 of 1941 does not apply to her claim for setting off losses from an unregistered partnership against personal income. The court emphasized that Section 77(2) of the Income-tax Act, 1961, explicitly prohibits such set off, rejecting the Tribunal's decision to allow it. The judgment favored the Revenue, holding that the assessee cannot claim the set off based on the circular or any other grounds. Case-Laws Income Tax Wed, 15 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19857