https://www.taxtmi.com/caselaws?id=22375 Section 75 of the Income-tax Act, 1961 was read as restricting a registered firm's loss relief: the firm may set off its loss against income of the same year, but where the loss remains unabsorbed it must be apportioned among the partners. The partners, not the firm, are then entitled to set off and carry forward that loss under the relevant provisions on intra-head and inter-year loss adjustment. On that construction, the registered firm is excluded from carrying forward its own unabsorbed loss to subsequent years, and the contrary view taken in earlier Madras High Court decisions was declined because of the clear wording of section 75. en-us Thu, 01 Aug 1991 00:00:00 +0530 Wed, 09 Dec 2009 15:44:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22375 Section 75 of the Income-tax Act, 1961 was read as restricting a registered firm's loss relief: the firm may set off its loss against income of the same year, but where the loss remains unabsorbed it must be apportioned among the partners. The partners, not the firm, are then entitled to set off and carry forward that loss under the relevant provisions on intra-head and inter-year loss adjustment. On that construction, the registered firm is excluded from carrying forward its own unabsorbed loss to subsequent years, and the contrary view taken in earlier Madras High Court decisions was declined because of the clear wording of section 75. Case-Laws Income Tax Thu, 01 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22375