Losses of firms

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.... be set off by such partner prior to the assessment year commencing on the 1st day of April, 1993, then, such loss shall be allowed to be set off against the income of the firm subject to the condition that the partner continues in the said firm and to be carried forward for set off under sections 70, 71, 72, 73, 74 and 74A.]     *************** NOTES:- 1.  Substituted vide ....

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....arried forward for set off under sections 70, 71, 72, 1[73, 74 and 74A]. (2) Nothing contained in sub-section (1) of section 72, sub-section (2) of section 73 2[, 3[sub-section (1) or sub-section (3) of section 74] or sub-section (3) of section 74A] shall entitle any assessee, being a registered firm, to have its loss carried forward and set off under the provisions of the aforesaid sections." ....