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Carry Forward & Set-off of losses - Section 78

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Full Text of the Document

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....1) The losses and unabsorbed depreciation can be carried forward by a firm only. (2) Section 78(1) provides that where a change in constitution of firm takes place on account of retirement of partner....

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Full Text of the Document

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....he loss for the purpose of section 78(1) and (2) above does not only mean loss under the head profit or gains from business or profession, it means loss under any head of income. Notes: * Section 7....

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