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1972 (7) TMI 25 - HC - Income TaxThis is a petition under article 226 of the Constitution and raises an interesting question relating to the interpretation of sections 32 and 75 of the Income-tax Act, 1961. - When the loss of a registered firm is allocated to the partners, whether the firm is entitled to carry forward and set off the loss for the purposes of the " firm tax - partners alone can carry forward any loss which remains unabsorbed as per section 32(2) and 75(2) of Income-tax Act, 1961 - firm as such cannot carry forward the losses determined in its assessments - Petition dismissed
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