# The Finance Act, 1992, Section 40: Amendment of section 78

- Act: The Finance Act, 1992 (Act 18 of 1992)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1992/section/40/

## Text

Amendment of section 78. 40. In section 78 of the Income-tax Act, for sub-section (7), the following sub-section shall be substituted, with effect from the 1st day of April, 1993, namely: — "(1) Where a change has occurred in the constitution of a Arm,' . nothing in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of a retired or deceased partner as exceeds his share of profits, if any, in the firm in respect of the previous year.". [Finance Act, 1992] © Copyright. Taxmann Publications Pvt. Ltd.

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