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CARRY FORWARD AND SET OFF OF LOSSES SECTION- 78

Income Tax - Partnership Firm / Limited Liability Partnership (LLP) - 07 - (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 .....

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e previous year. The loss for the purpose of section 78(1) and (2) above does not only mean loss under the head profit or gains from business or profession, it means loss under any head of income. Notes: Section 78(1) does not apply if change in cons .....

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