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        F. Acts / Amendment Acts

        Section 40 - Amendment of section 78

        Finance Act, 1992
        Chapter III
        DIRECT TAXES
        INCOME-TAX

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        Change in firm constitution limits carried forward losses attributable to retired or deceased partners beyond their prior-year profit share. The amendment restricts the firm's entitlement to carry forward and set off losses following a change in constitution caused by a retiring or deceased partner, disallowing carry-forward of that partner's proportionate loss to the extent it exceeds the partner's share of profits, if any, in the previous year.
                          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.
                            Provisions expressly mentioned in the judgment/order text.

                                Change in firm constitution limits carried forward losses attributable to retired or deceased partners beyond their prior-year profit share.

                                The amendment restricts the firm's entitlement to carry forward and set off losses following a change in constitution caused by a retiring or deceased partner, disallowing carry-forward of that partner's proportionate loss to the extent it exceeds the partner's share of profits, if any, in the previous year.


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