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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(1) provides that where a change in constitution of firm takes place on account of retirement of partner or death of the partner then, the firm shall not carry forward and set off the following brought forward losses. A Share of the retired/ deceased .....

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