Registered firms can't claim loss carry forward under Income-tax Act section 75(2)

The High Court of Punjab and Haryana held that a registered firm cannot claim carry forward of losses under section 75(2) of the Income-tax Act. This section is an exception as partners can individually apportion and carry forward losses. Judges O. Chinnappa Reddy, M. R. Sharma, and A. A. Dave presided over the decision.

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The High Court of Punjab and Haryana ruled that a registered firm is not entitled to claim carry forward of losses under section 75(2) of the Income-tax Act. This is because section 75(2) is an exception to the provisions allowing for carrying forward and set off of losses, as partners of the firm can apportion and carry forward losses individually. The decision was made by Judges O. Chinnappa Reddy, M. R. Sharma, and A. A. Dave.

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