https://www.taxtmi.com/caselaws?id=60800 The Appellate Tribunal ITAT Chandigarh ruled in a case involving the interpretation of section 64(1)(i) of the Income-tax Act, 1961 on the set off of losses against income between spouses in a partnership firm. The Tribunal upheld the Commissioner (Appeals)'s decision to allow the set off of loss against income, emphasizing that 'income' includes losses as per Explanation 2 to section 64(2) and supported by the Supreme Court decision in CIT v. Harprasad & Co. (P.) Ltd. The Tribunal highlighted legislative intent in resolving the ambiguity and dismissed the revenue's appeal, affirming the relief granted to the partners. en-us Fri, 17 Sep 1982 00:00:00 +0530 Sat, 08 Jan 2011 11:23:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60800 The Appellate Tribunal ITAT Chandigarh ruled in a case involving the interpretation of section 64(1)(i) of the Income-tax Act, 1961 on the set off of losses against income between spouses in a partnership firm. The Tribunal upheld the Commissioner (Appeals)'s decision to allow the set off of loss against income, emphasizing that 'income' includes losses as per Explanation 2 to section 64(2) and supported by the Supreme Court decision in CIT v. Harprasad & Co. (P.) Ltd. The Tribunal highlighted legislative intent in resolving the ambiguity and dismissed the revenue's appeal, affirming the relief granted to the partners. Case-Laws Income Tax Fri, 17 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60800