Section – 75 : Losses of firms
February 28, 2018
Section – 79 : Carry forward and set off of losses in the case of certain companies
February 28, 2018

Section – 78 : Carry forward and set off of losses in case of change in constitution of firm or on succession

78. (1) Where a change has occurred in the constitution of a firm, nothing in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of a retired or deceased partner as exceeds his share of profits, if any, in the firm in respect of the previous year.

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

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