Carried Forward
This query is : Resolved
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
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
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.
18 February 2009
THX
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