Income Tax Case: Firm Allowed to Carry Forward Losses Despite Changes in Partnership's Profit-Sharing Ratio (Sections 187 & 78.

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 .....

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