Section 78Central Act
Section 78: Carry forward and set off of losses in case of change in constitution of firm or on succession
Carry forward and set off of losses in case of change in constitution of firm or on succession.
- [(1) Where a change has occurred in the constitution of a firm, nothing in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of a retired or deceased partner as exceeds his share of profits, if any, in the firm in respect of the previous year.] [ Substituted by Act 18 of 1992, Section 40, for sub-Section (1) (w.e.f. 1.4.1993).](2)
Where any person carrying on any business or profession has been succeeded in such capacity by another person otherwise than by inheritance, nothing in this Chapter shall entitle any person other than the person incurring the loss to have it carried forward and set off against his income.Previous
Sec 77 — Losses of unregistered firms or their partners
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Sec 79 — Carry forward and set off of losses in case of certain companies
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