https://www.taxtmi.com/manuals?id=1195 Carry forward and set-off of a firm's losses is restricted on retirement or death of a partner to the extent attributable to that partner, while losses attributable to continuing partners may continue subject to the Act. The restriction does not apply on admission of a new partner or a mere change in profit-sharing ratio, and unabsorbed depreciation remains eligible for carry forward. Where a business or profession is succeeded otherwise than by inheritance, the successor cannot carry forward the predecessor's losses unless expressly permitted; specified unabsorbed expenditure is not subject to this loss restriction. en-us Tue, 15 Sep 2015 15:50:00 +0530 Fri, 17 Jul 2026 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/manuals?id=1195 Carry forward and set-off of a firm's losses is restricted on retirement or death of a partner to the extent attributable to that partner, while losses attributable to continuing partners may continue subject to the Act. The restriction does not apply on admission of a new partner or a mere change in profit-sharing ratio, and unabsorbed depreciation remains eligible for carry forward. Where a business or profession is succeeded otherwise than by inheritance, the successor cannot carry forward the predecessor's losses unless expressly permitted; specified unabsorbed expenditure is not subject to this loss restriction. Manuals Income Tax Tue, 15 Sep 2015 15:50:00 +0530 https://www.taxtmi.com/manuals?id=1195