https://www.taxtmi.com/caselaws?id=24459 An unregistered firm that suffered a loss could carry that loss forward after it became a registered firm, because registration did not change the identity of the assessee where the constitution of the firm remained the same. Interpreting section 77(1) of the Income-tax Act, 1961, the Punjab and Haryana High Court held that the word "firm" covers both registered and unregistered firms and that later registration, by itself, does not extinguish the benefit of carry forward. The loss was therefore allowed to be carried forward and set off in subsequent years in favour of the assessee. en-us Thu, 02 Feb 1989 00:00:00 +0530 Wed, 20 Jan 2010 12:12:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=24459 An unregistered firm that suffered a loss could carry that loss forward after it became a registered firm, because registration did not change the identity of the assessee where the constitution of the firm remained the same. Interpreting section 77(1) of the Income-tax Act, 1961, the Punjab and Haryana High Court held that the word "firm" covers both registered and unregistered firms and that later registration, by itself, does not extinguish the benefit of carry forward. The loss was therefore allowed to be carried forward and set off in subsequent years in favour of the assessee. Case-Laws Income Tax Thu, 02 Feb 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=24459