Losses of registered firms
68[Losses of registered firms.
75. (1) Where the assessee is a registered firm, any loss which cannot be set off against any other income of the firm shall be apportioned between the partners of the firm, and they alone shall be entitled to have the amount of the loss set off and carried forward for set off under sections 70, 71, 72, 69[73, 74 and 74A].
(2) Nothing contained in sub-section (1) of section 72, sub-section (2) of section 73, 70[sub-section (1) 71[or sub-section (3)] of section 74 or sub-section (3) of section 74A ] shall entitle any assessee, being a registered firm, to have its loss carried forward and set off under the provisions of the aforesaid sections.]
68. Reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier these sections were omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date.
69. Substituted for "73 and 74" by the Finance Act, 1972, w.e.f. 1-4-1972.
70. Substituted for "or sub-section (1) of section 74" by the Finance Act, 1974, w.e.f. 1-4-1975.
71. Inserted by the Finance Act, 1987, w.e.f. 1-4-1988.
[As amended by the Finance Act, 1989 and the Direct Tax Laws (Amendment) Act, 1989]