Login : Advocate | Client
Home Post Your Case My Account Law College Law Library

Report No. 12

79. Set off of losses in case of change in constitution of firms or on succession.-

(1) Where a change has occurred in the constitution of a firm, nothing in this Chapter shall be deemed to entitle the firm to have set off so much of the loss proportionate to the share of a retired or deceased partner computed in accordance with the provisions of section 69 [clause (b) of sub-section (1) of section 16] as exceeds his share of profits, if any, of the previous year in the firm, or to entitle any partner to the benefit of any portion of the said loss which is not apportionable to him under section 69 [section 16(1)(b)].

(2) Where any person carrying on any business, profession or vocation has been succeeded in such capacity by another person otherwise than by inheritance, nothing in this Chapter shall be deemed to entitle any person other than the person incurring the loss to have it set off against his income.

[Section 24(2), proviso (e)]

Income-Tax Act, 1922 Back

Client Area | Advocate Area | Blogs | About Us | User Agreement | Privacy Policy | Advertise | Media Coverage | Contact Us | Site Map
powered and driven by neosys