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carry forwarded of losses of a dissolved partnership firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 September 2010 if a partner retired from the partnership firm, and the firm is reconstituted after that, what procedure will be happened for previous years losses
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
09 September 2010 Section 78 of the Income tax Act,1961 says the brought forward loss proportionate to the share of the retired partner as reduced by his/her share of profit of the retiring year will not be allowed to carry forward.
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