https://www.taxtmi.com/caselaws?id=49543 Income exempt in a partner's hands under the tax scheme for an unregistered firm could still be included in computing total income, because the statute required exempt sums to enter the total-income calculation for rate purposes. That inclusion could therefore be used in setting off losses from registered firms against that income and for determining the tax rate on other income. However, the same adjustment did not extinguish the separate statutory right to carry forward those registered-firm losses under the loss-carry-forward provision. The unregistered-firm share was includible for computation and rate purposes, but the carried-forward loss remained available. 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 Income exempt in a partner's hands under the tax scheme for an unregistered firm could still be included in computing total income, because the statute required exempt sums to enter the total-income calculation for rate purposes. That inclusion could therefore be used in setting off losses from registered firms against that income and for determining the tax rate on other income. However, the same adjustment did not extinguish the separate statutory right to carry forward those registered-firm losses under the loss-carry-forward provision. The unregistered-firm share was includible for computation and rate purposes, but the carried-forward loss remained available. Case-Laws Income Tax Mon, 12 Dec 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=49543