https://www.taxtmi.com/caselaws?id=29126 The High Court of Bombay ruled in favor of the assessee in a case concerning the assessment of total income for the year 1958-59. The court allowed the set-off claimed by the assessee for a loss in an unregistered firm against his income, overturning the decision of the Appellate Assistant Commissioner. The court also held that the assessee could claim the set-off in reassessment proceedings, despite the Revenue's argument based on Section 152(2) of the Income Tax Act, 1961. The court emphasized that unchallenged deductions or set-offs can be claimed in reassessment, even if the income alleged to have escaped assessment is considered. en-us Wed, 22 Apr 1981 00:00:00 +0530 Thu, 11 Mar 2010 10:31:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29126 The High Court of Bombay ruled in favor of the assessee in a case concerning the assessment of total income for the year 1958-59. The court allowed the set-off claimed by the assessee for a loss in an unregistered firm against his income, overturning the decision of the Appellate Assistant Commissioner. The court also held that the assessee could claim the set-off in reassessment proceedings, despite the Revenue's argument based on Section 152(2) of the Income Tax Act, 1961. The court emphasized that unchallenged deductions or set-offs can be claimed in reassessment, even if the income alleged to have escaped assessment is considered. Case-Laws Income Tax Wed, 22 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29126