https://www.taxtmi.com/caselaws?id=59894 The Tribunal upheld the CIT(A)'s decision to disallow the carry forward of the business loss by the assessee, a partner in a registered firm. The Tribunal emphasized that only partners, not the firm itself, are entitled to carry forward and set off business losses. As the return of loss was filed late, the Tribunal ruled against the assessee, stating that timely filing is a prerequisite for carrying forward losses. Additionally, the Tribunal found no ambiguity in the taxing provisions and rejected the argument for a favorable interpretation. en-us Wed, 28 Feb 1996 00:00:00 +0530 Sat, 01 Jan 2011 16:51:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59894 The Tribunal upheld the CIT(A)'s decision to disallow the carry forward of the business loss by the assessee, a partner in a registered firm. The Tribunal emphasized that only partners, not the firm itself, are entitled to carry forward and set off business losses. As the return of loss was filed late, the Tribunal ruled against the assessee, stating that timely filing is a prerequisite for carrying forward losses. Additionally, the Tribunal found no ambiguity in the taxing provisions and rejected the argument for a favorable interpretation. Case-Laws Income Tax Wed, 28 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59894