https://www.taxtmi.com/caselaws?id=49543 Whether a partner's exempt share of profits from an unregistered firm may be treated for set-off against share losses of registered firms for rate computation: section 16(1)(a) read with section 14(2) requires inclusion of such exempt share when computing total income for rate purposes, permitting set-off against registered-firm losses for rate determination (outcome: inclusion and set-off allowed). Whether those registered-firm losses are thereby extinguished for carryforward: the statutory carryforward regime for business losses under section 24 remains intact and such losses are not irreversibly absorbed merely by inclusion for rate computation (outcome: carryforward preserved). en-us Mon, 12 Dec 1960 00:00:00 +0530 Sun, 31 Aug 2014 19:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=49543 Whether a partner's exempt share of profits from an unregistered firm may be treated for set-off against share losses of registered firms for rate computation: section 16(1)(a) read with section 14(2) requires inclusion of such exempt share when computing total income for rate purposes, permitting set-off against registered-firm losses for rate determination (outcome: inclusion and set-off allowed). Whether those registered-firm losses are thereby extinguished for carryforward: the statutory carryforward regime for business losses under section 24 remains intact and such losses are not irreversibly absorbed merely by inclusion for rate computation (outcome: carryforward preserved). Case-Laws Income Tax Mon, 12 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49543