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of <h1>Loss Carry-Forward Rules for Firms: Partner Continuity Crucial for Tax Deduction Under Income Tax Act Provisions</h1> The statutory provision addresses loss treatment for firms in the Income Tax Act, 1961. It allows firms to set off or carry forward losses from assessment years before April 1, 1992, subject to specific conditions. The key requirement is that the partner continues in the same firm, enabling loss adjustment and carry-forward under designated sections of the tax legislation.
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