https://www.taxtmi.com/caselaws?id=40276 The Supreme Court dismissed the Revenue's appeals regarding the entitlement to set-off under section 78(2) of the Income-tax Act, 1961, in relation to losses sustained in a deceased individual's proprietary business against the income of a registered partnership firm. The Court upheld the lower courts' decisions, emphasizing the continuity of the business and the legal heirs' intention to carry it forward, concluding that the partners had succeeded to the deceased's business, justifying the set-off of losses. The Court found no grounds for interference and supported the allowance of the set-off under section 78(2) of the Act. en-us Tue, 29 Apr 1997 00:00:00 +0530 Sat, 05 Jul 2014 12:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=40276 The Supreme Court dismissed the Revenue's appeals regarding the entitlement to set-off under section 78(2) of the Income-tax Act, 1961, in relation to losses sustained in a deceased individual's proprietary business against the income of a registered partnership firm. The Court upheld the lower courts' decisions, emphasizing the continuity of the business and the legal heirs' intention to carry it forward, concluding that the partners had succeeded to the deceased's business, justifying the set-off of losses. The Court found no grounds for interference and supported the allowance of the set-off under section 78(2) of the Act. Case-Laws Income Tax Tue, 29 Apr 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=40276