1998 (12) TMI 24

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....-- The Revenue asserts that the losses incurred by the assessee when it was assessed as unregistered firm, the same firm subsequent to its registration, is not entitled to carry forward and set off such losses. This contention is bereft of any force having regard to the language of section 71(1) as also section 75 of the Income-tax Act, 1961 The loss which cannot be set off against any other incom....

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....the express language of those provisions nor can any such intention be inferred from the provisions. The provisions dealing with the registered firms, inter alia set out the benefit to which the registered firm is entitled, besides providing for the mode and conditions subject to which registration can be granted or renewed and those provisions do not require that all events pertaining to the firm....