https://www.taxtmi.com/caselaws?id=288727 A partner's share of loss in an unregistered firm may be taken into account and set off against other income even if the firm itself has not been assessed. The Income-tax Act treats computation of a firm's income separately from the levy of tax on the firm or its partners, and once business income is computed, losses are deductible in determining total income. The absence of assessment of the unregistered firm does not create a statutory bar to recognising the partner's share of loss, because the Act does not require prior departmental assessment of the firm before that loss is considered in the partner's assessment. en-us Tue, 24 Oct 1961 00:00:00 +0530 Thu, 21 Jan 2021 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288727 A partner's share of loss in an unregistered firm may be taken into account and set off against other income even if the firm itself has not been assessed. The Income-tax Act treats computation of a firm's income separately from the levy of tax on the firm or its partners, and once business income is computed, losses are deductible in determining total income. The absence of assessment of the unregistered firm does not create a statutory bar to recognising the partner's share of loss, because the Act does not require prior departmental assessment of the firm before that loss is considered in the partner's assessment. Case-Laws Income Tax Tue, 24 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288727