set-off of loss u/s 78

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manz (Querist)
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11 September 2008 dear sir

i have query regarding set-off of business loss by partnership firm in newly formed company in following case:

Whether firm can claim set-off of loss if all original partners have changed during year and further constitution of firm is changed to private limited by way of conversion under chapter IX of companies act, 1956?

Ravikumar.G

Ravikumar.G (Expert)
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03 October 2008 Business reorganisation: In case of business reorganisation u/s47(xiii) or 47(xiv) the loss of the partneshipfirm or proprietary concern can be carried forward by the company on fulfillment of conditions mentioned u/s 72A(6).