Section 75 - Losses of firms - Income-tax Act, 1961

6 [75. Losses of firms. - Where the assessee is a firm, any loss in relation to the assessment year commencing on or before the 1st day of April, 1992, which could not be set off against any other income of the firm and which had been apportioned to a partner of the firm but could not be set off by such partner prior to the assessment year commencing on the 1st day of April, 1993, then, such loss shall be allowed to be set off against the income of the firm subject to the condition that the partner continues in the said firm and to be carried forward for set off under sections 70, 71, 72, 73, 74 and 74A. ] *************** NOTES:- 1. Substituted vide Section 12 of the Finance Act, 1972 w.e.f. 01-04-1972 before it was read as, 73 and 74 2. Substituted vide Section 13 of the Finance Act, 1974 w.e.f. 01-04-1975 before it was read as, or sub-section (1) of section 74 3. Substituted vide Section 74 of the Finance Act, 1987 w.e.f. 01-04-1988 before it was read as, sub-section (1) of section 74 4. Omitted vide Section 19 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, Losses of registered firms 75. (1) Where the assessee is a registered firm, any loss which cannot be set off against any other income of the firm shall be apportioned between the partners of the firm, and they alone shall be entitled to have the amount of the loss set off and carried forward for set off under sections 70, 71, 72, 1 [ 73, 74 and 74A ] . (2) Nothing contained in sub-section (1) of section 72, sub-section (2) of section 73 2 [ , 3 [ sub-section (1) or sub-section (3) of section 74 ] or sub-section (3) of section 74A ] shall entitle any assessee, being a registered firm, to have its loss carried forward and set off under the provisions of the aforesaid sections. 5. Re-introduced vide Section 95 of the Direct Tax Laws (Amendment) Act, 1989 w.e.f. 01-04-1989 6. Substituted vide Section 39 of the Finance Act, 1992 w.e.f. 01-04-1993 before it was read as, 4 [ **** ] 5 [Losses of registered firms 75. (1) Where the assessee is a registered firm, any loss which cannot be set off against any other income of the firm shall be apportioned between the partners of the firm, and they alone shall be entitled to have the amount of the loss set off and carried forward for set off under sections 70, 71, 72, 1 [ 73, 74 and 74A ] . (2) Nothing contained in sub-section (1) of section 72, sub-section (2) of section 73 2 [ , 3 [ sub-section (1) or sub-section (3) of section 74 ] or sub-section (3) of section 74A ] shall entitle any assessee, being a registered firm, to have its loss carried forward and set off under the provisions of the aforesaid sections. ]