Urgent

1) Incase of a refund, debit the bank account and credit the profit and loss appropriation account in the year in which the refund is received. 

2) It really won't matter the way in which you treat the loss, in case you do carry forward the loss as a debit balance in subsequent years in subsequent years after you set off the loss from the profit the net amount transfered to the capital account will remain the same

The only difference it will make is when you fixed capital accounts and no operation through the current account. In such cases ,not debiting the loss to capital accounts will let their balance remain the same next year and more interest on capital will be debited (incase you are giving interest on capital ) in the next years.

in my opinion If loss is not devided it will be carried forward for the next year, and you can carry forward the losses for 8 years against the profit of the business. But carry forward of losses has some restrictions. If you have doubt jst open sec 72 and see... or wait for other experts answer

If income tax refund is credited in P&L a/c.Should we deduct from the revenue during computation?

Boss are you asking from income tax angle or balance sheet angle ? Under income tax the treatment is different ?

Technically that is wrong, income tax refund does not form a part of revenue / turnover and showing it in that head is wrong. 

Put it in the appropriation account, and it's not taxable as per income tax angle.

And regarding loss c/f, please answer the query in my last post.

When you pay income tax it is not an allowable expenditure under I.Tax Act. Similiarly I. Tax refund is not to be considered as an income. Only interest on I. T.Refund is income chargeable to tax

Profit / Loss from partnership business is always divided amongst the partners in their profit sharing ratio and necessary credit / debit entry is passsed in the partners capital account.

Mere division of loss amongst the partners does not elude the firm from claiming set-off of the same in subsequent year/s. Division of loss amongst the partners is a mere book entry, but from I.Tax angle the same is C/f for set-off

AGREE WITH MR. RACHIT. ONLY THE INTEREST ON I.T. REFUND IS TAXABLE