1998 (12) TMI 24 - HC - Income Tax

Summary

The High Court of Madras held that losses incurred by a firm when unregistered can be carried forward and set off even after registration. The court emphasized that the benefits of registration do not exclude such losses from being apportioned among partners. Similar views were upheld by other High Courts. The judgment favored the assessee over the Revenue in allowing the carry forward and set off of losses from the period when the firm was unregistered.