1 (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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1. Subs. by Act 18 of 1992, s. 40, for sub-section (1) (w.e.f. 1-4-1993). Earlier subs. by Act 4 of 1988, s. 20 (w.e.f. 1-4-1989) and restored by Act 3 of 1989, s. 95 (1-4-1989).
Section 74A Losses from certain specified sources falling under the head Income from other sources
Section 79 Carry forward and set off of losses in case of certain companies
Section 80 Submission of return for losses
Section 80A Deductions to be made in computing total income
Section 80AB Deductions to be made with reference to the income included in the gross total income
Section 80AC Deduction not to be allowed unless return furnished