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Carried Forward

This query is : Resolved 
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(Querist)
17 February 2009 Dear All,

A partnership firm having carried forward losses for F.Y. 2007-2008. In the next year its more than 50% partners are changed than is there any section to stop carried forward and set off business losses.

THX
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
18 February 2009 Yes. Section 78(1). It says the loss of firm relating to assessment year 1993-94 and subsequent years, will be set off only in the hands of the firm. However, share relatable to an outgoing partner, either by retirement or death, will be excluded for the purposes of such setting off.
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Gaurav Hirawat

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Gaurav Hirawat (Querist)
18 February 2009 THX
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