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Winding up of manufacturing partnership firm

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(Querist)
18 January 2022 We are in the process of winding up of manufacturing partnership firm. Can prior years business losses be adjusted into current years profit on sale of fixed assets? fixed assets like car, machinery etc....plz advise.

Thanks
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
18 January 2022 Yes, it can be adjusted.

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