Carry forward of firm losses limited on change of constitution; successor by non-inheritance cannot claim predecessor's losses. Section 78 restricts the carry forward and set off of firm losses on change of constitution by capping the portion attributable to a retired or deceased ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Carry forward of firm losses limited on change of constitution; successor by non-inheritance cannot claim predecessor's losses.
Section 78 restricts the carry forward and set off of firm losses on change of constitution by capping the portion attributable to a retired or deceased partner at his share of profits in the previous year, and bars a person who succeeds another otherwise than by inheritance from carrying forward and setting off losses incurred by the predecessor.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.