1976 (10) TMI 21 - HC - Income Tax

Summary

The High Court of Punjab and Haryana ruled that a registered firm is not entitled to claim carry forward of losses under section 75(2) of the Income-tax Act. This is because section 75(2) is an exception to the provisions allowing for carrying forward and set off of losses, as partners of the firm can apportion and carry forward losses individually. The decision was made by Judges O. Chinnappa Reddy, M. R. Sharma, and A. A. Dave.