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Section 78 - Carry forward and set off of losses in case of change in constitution of firm or on succession

Income Tax - Set off and Carry forward of Losses - 11 - SEC - 78: CARRY FORWARD AND SET OFF OF LOSSES IN CASE OF CHANGE IN CONSTITUTION OF FIRM OR ON SUCCESSION The losses and unabsorbed depreciation can be carried forward by a firm only. Section 78( .....

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partner in the brought forward losses of the firm B Less: Share of the retired/ deceased partner in the current year profit (A- B) cannot be carried forward by the firm or its partners Notes: Section 78(1) does not apply if change in constitution tak .....

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