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Carry forward and set off of losses in case of change in constitution of firm or on succession - Section 78

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.... provides that where a change in constitution of firm takes place on account of retirement of partner or death of the partner then, the firm shall not carry forward and set off the following brought forward losses. (A) Share of the retired/ deceased partner in the brought forward losses of the firm (B) Less: Share of the retired/ deceased partner in the current year profit (A- B) cannot be c....

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