Income Tax Case: Firm Allowed to Carry Forward Losses Despite Changes in Partnership's Profit-Sharing Ratio (Sections 187 & 78.
Case-Laws
Income Tax
Brought forward losses of firm – covered u/s 187 OR u/s. 78 – change in the terms and conditions of the partnership – the reconstitution of the partnership was made only as a result of changes in the profit sharing ratio amongst the partners – CIT(A) has rightly allowed carry forward losses to be set off, as claimed by the assessee – AT
= = = = = = = =
Plain text (Extract) only
For full text:-Visit the Source
= = = = = = = =