carry forward of loss

This query is : Resolved 

15 March 2011 sir,
my client was a propritory concern running on losses and revived the business with admitting a partner making partnership firm.
my doubt is that in any circumstances the losses of the earstwhile propritory firm can be carry forward and set off by the new firm

16 March 2011 No. One cannot set off the carried forward losses of the individual assessee against the taxable income of the firm since both the assessees are different.



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