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1998 (12) TMI 24 - MADRAS HIGH COURTExtract: .......g regard to the provisions of section 77(2) of the Income-tax Act, the Appellate Tribunal is correct in law in holding that the unabsorbed losses of the earlier years when the firm was assessed as an unregistered firm should also be carried forward and set off and apportioned amongst the partners ? in favour of the assessee and against the Revenue.
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