https://www.taxtmi.com/caselaws?id=288737 The court held that a registered firm and a Hindu undivided family are distinct entities under the Indian Income-tax Act, despite having the same partners. The firm was not entitled to set off a loss incurred by the previous year's different assessee. The judgment clarifies the interpretation of Section 24(2) and underscores the separate treatment of firms and individual partners, as well as undivided families and coparceners, ensuring consistency in tax assessments. en-us Fri, 30 Mar 1951 00:00:00 +0530 Thu, 25 Jun 2020 17:09:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288737 The court held that a registered firm and a Hindu undivided family are distinct entities under the Indian Income-tax Act, despite having the same partners. The firm was not entitled to set off a loss incurred by the previous year's different assessee. The judgment clarifies the interpretation of Section 24(2) and underscores the separate treatment of firms and individual partners, as well as undivided families and coparceners, ensuring consistency in tax assessments. Case-Laws Income Tax Fri, 30 Mar 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288737