Report No. 12
76. Losses of registered firms.-
(1) Where the assessee is a registered firm, any loss which cannot be set off against other income of the firm shall be apportioned between the partners of the firm and they alone shall be entitled to have the amount of the loss set off under sections 73(1), 74(1) and 75(1) [24 (1)].
[Section 24(1), 2nd proviso, latter half]
(2) Nothing contained in section 73(2), 74(2) or 75(2) [ section 24(2) main para., and 24(2B)] shall entitle any assessee, being a registered firm, to have carried forward and set off its loss under the provisions of section 73(2) or 74(2) [24(2) main para.] or section 75(2) [24(2B)].
[Section 24(2), Proviso (c), earlier part]
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