https://www.taxtmi.com/caselaws?id=49466 The Supreme Court upheld the High Court's decisions in two consolidated appeals, allowing the assessees to set off losses from partnerships with foreign firms against profits from businesses within taxable territories under the Indian Income-tax Act. The court emphasized that the unit of assessment for a firm's profits or losses is the firm itself, even when partners' shares are included in individual income. It clarified that losses from businesses outside taxable territories can be set off against profits from businesses within taxable territories, dismissing the appeals and affirming the assessees' entitlement to such set-offs. en-us Tue, 16 Jan 1962 00:00:00 +0530 Thu, 28 Aug 2014 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49466 The Supreme Court upheld the High Court's decisions in two consolidated appeals, allowing the assessees to set off losses from partnerships with foreign firms against profits from businesses within taxable territories under the Indian Income-tax Act. The court emphasized that the unit of assessment for a firm's profits or losses is the firm itself, even when partners' shares are included in individual income. It clarified that losses from businesses outside taxable territories can be set off against profits from businesses within taxable territories, dismissing the appeals and affirming the assessees' entitlement to such set-offs. Case-Laws Income Tax Tue, 16 Jan 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49466