TMI BlogCarry Forward & Set-off of losses - Section 78X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) The losses and unabsorbed depreciation can be carried forward by a firm only. (2) Section 78(1) provides that where a change in constitution of firm takes place on account of retirement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... means loss under any head of income. Notes: Section 78(1) does not apply if change in constitution takes place on admission of a new partner or if all partners remain with a change in pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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