https://www.taxtmi.com/caselaws?id=39523 A partner's share of loss from an unregistered firm is treated as business loss in the partner's hands and may be adjusted against other business income under the business head. The provision governing set-off between different heads does not control where both the loss and the income are business income, and the restrictive second proviso to section 24(1) applies to the unregistered firm, not to the individual partner. Final assessment of the firm does not change the character of the partner's loss for this purpose. On the reference, the question was answered in the negative against the assessee. en-us Tue, 04 Mar 1975 00:00:00 +0530 Sat, 17 Apr 2010 11:00:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39523 A partner's share of loss from an unregistered firm is treated as business loss in the partner's hands and may be adjusted against other business income under the business head. The provision governing set-off between different heads does not control where both the loss and the income are business income, and the restrictive second proviso to section 24(1) applies to the unregistered firm, not to the individual partner. Final assessment of the firm does not change the character of the partner's loss for this purpose. On the reference, the question was answered in the negative against the assessee. Case-Laws Income Tax Tue, 04 Mar 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39523