Set off of unabsorbed partner losses allowed against firm income, permitting set off under sections 70 and 71. Unabsorbed business losses apportioned to partners for earlier years shall be brought back to the firm for set off if the partner continues in the firm, and may be carried forward and set off under the statutory carry forward and set off provisions; the administration directs that set off under the provisions permitting inter head adjustments may be allowed in the hands of the firm for assessment year 1993-94.
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.
Set off of unabsorbed partner losses allowed against firm income, permitting set off under sections 70 and 71.
Unabsorbed business losses apportioned to partners for earlier years shall be brought back to the firm for set off if the partner continues in the firm, and may be carried forward and set off under the statutory carry forward and set off provisions; the administration directs that set off under the provisions permitting inter head adjustments may be allowed in the hands of the firm for assessment year 1993-94.
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