https://www.taxtmi.com/caselaws?id=288727 The court affirmed that the assessee's share of losses from unregistered partnerships can be set off against their income from other sources. The judgment clarified that under the Indian Income Tax Act, a partner's share of profit or loss in a firm, whether registered or unregistered, should be included in computing total income. Sections 16(1)(b), 23(5), and 24(1) were crucial in determining the set-off of losses from unregistered partnerships. The court emphasized that an unregistered firm is assessed as a distinct entity, and partners can claim set-offs for their share of losses even if the firm has not been assessed. 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 The court affirmed that the assessee's share of losses from unregistered partnerships can be set off against their income from other sources. The judgment clarified that under the Indian Income Tax Act, a partner's share of profit or loss in a firm, whether registered or unregistered, should be included in computing total income. Sections 16(1)(b), 23(5), and 24(1) were crucial in determining the set-off of losses from unregistered partnerships. The court emphasized that an unregistered firm is assessed as a distinct entity, and partners can claim set-offs for their share of losses even if the firm has not been assessed. Case-Laws Income Tax Tue, 24 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288727