Change in firm constitution prevents carryforward of retired partner's proportionate loss beyond his profit share. Where a change in constitution of a firm occurs, the firm is barred from carrying forward and setting off that part of a loss attributable to a retired or deceased partner to the extent it exceeds that partner's share of profits for the previous year; the amendment was later omitted by subsequent legislation.
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 prevents carryforward of retired partner's proportionate loss beyond his profit share.
Where a change in constitution of a firm occurs, the firm is barred from carrying forward and setting off that part of a loss attributable to a retired or deceased partner to the extent it exceeds that partner's share of profits for the previous year; the amendment was later omitted by subsequent legislation.
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