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of <h1>Unregistered firm losses can be set off only against firm income; partner's loss share not set off against personal income</h1> Where a firm is unregistered and not assessed as a registered firm, any loss of the firm may be set off or carried forward and set off only against the firm's own income. If a partner's share in such an unregistered firm is a loss, that share cannot be set off against the partner's other income nor carried forward and set off against the partner's own income under the relevant set-off and carry-forward provisions. The provision has been omitted in later amendments.
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