https://www.taxtmi.com/caselaws?id=6953 Where the constitution of a firm changes, carry-forward of business loss under Section 24(2) of the Indian Income-tax Act, 1922 is limited by the proviso. Clause (c) governs a partner's set-off of the firm's loss against personal income, while clause (e) separately applies to carry-forward and set-off by a firm after a change in constitution. The clauses operate independently, and Section 26(1) treats the firm as constituted at the time of assessment as the relevant unit, including unregistered firms. Accordingly, the loss carried forward belongs only to the firm as newly constituted and excludes the shares attributable to retired partners. en-us Tue, 04 Oct 1966 00:00:00 +0530 Sat, 07 Feb 2009 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6953 Where the constitution of a firm changes, carry-forward of business loss under Section 24(2) of the Indian Income-tax Act, 1922 is limited by the proviso. Clause (c) governs a partner's set-off of the firm's loss against personal income, while clause (e) separately applies to carry-forward and set-off by a firm after a change in constitution. The clauses operate independently, and Section 26(1) treats the firm as constituted at the time of assessment as the relevant unit, including unregistered firms. Accordingly, the loss carried forward belongs only to the firm as newly constituted and excludes the shares attributable to retired partners. Case-Laws Income Tax Tue, 04 Oct 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6953