https://www.taxtmi.com/caselaws?id=290935 Interest paid on liabilities taken over on dissolution of partnership businesses was held not to be a deductible trading loss, because the distribution on dissolution related to capital assets and liabilities rather than trading stock or business receipts. The Court distinguished a properly ascertained business loss, which may be set off under the income-tax scheme, from a loss arising on capital distribution after dissolution. That loss was characterised as a capital loss outside the provisions governing loss of profits or gains, so the claimed set-off against profits from the assessee family's other business was not allowable. en-us Tue, 05 Jan 1932 00:00:00 +0530 Thu, 22 Oct 2020 14:07:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290935 Interest paid on liabilities taken over on dissolution of partnership businesses was held not to be a deductible trading loss, because the distribution on dissolution related to capital assets and liabilities rather than trading stock or business receipts. The Court distinguished a properly ascertained business loss, which may be set off under the income-tax scheme, from a loss arising on capital distribution after dissolution. That loss was characterised as a capital loss outside the provisions governing loss of profits or gains, so the claimed set-off against profits from the assessee family's other business was not allowable. Case-Laws Income Tax Tue, 05 Jan 1932 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290935