CBDT circular on whether set-off in the hands of firm in respect of unabsorbed losses brought back to firm

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Whether set-off envisaged under sections 70 and 71 may be allowed for assessment year 1993-94 in hands of firm in respect of unabsorbed losses brought back to firm

Circular : No. 703, dated 18-4-1995.

1. With effect from the assessment year 1993-94, a new procedure for taxation of firms has been introduced according to which the distinction between the registered and unregistered firms has been done away with. Consequently, the requirement of apportion¬ment of losses among the partners for set-off and carry forward has also been given up. In line with this procedure,

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