Partner is allowed to set off loss from partnership firm against income earned from his other business: ITAT

INCOME TAX : Interest, salary, bonus, commission or remuneration received or receivable from firm by partners shall be assessable in hands of partners as income from business or profession under section 28 and partner shall be entitled to all expenditure which is incurred to earn such income or for purposes of said business and other deductions as admissible in law can also be claimed by partner against such income

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