Losses of unregistered firms: restricted to set off against firm income, partners barred from personal set off or carry forward. Section 77 was omitted. Previously, losses of an unregistered firm not assessed as a registered firm could be set off or carried forward only against the ... Summary
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Losses of unregistered firms: restricted to set off against firm income, partners barred from personal set off or carry forward.
Section 77 was omitted. Previously, losses of an unregistered firm not assessed as a registered firm could be set off or carried forward only against the firm's income. A partner's share of such a loss could not be set off under general set off provisions nor carried forward and set off against the partner's own income.
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