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TypeBare Act JurisdictionCentral Government

Finance Act, 1992 Section 40

Amendment of Section 78

~1 min read
https://sooperkanoon.com/act/440771

Bare act section · Research

About this section

Finance Act, 1992 Section 40 is part of Finance Act, 1992 - Amendment of Section 78. Read the section text below and explore Indian court judgments that cite it.

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Section Text

In section 78 of the Income-tax Act, for sub-section (1), 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 firm, 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."

Frequently asked questions

What does Finance Act, 1992 Section 40 provide?

Section Section 40 of the Finance Act, 1992 (Amendment of Section 78) is reproduced on this page as part of the Finance Act, 1992. Lawyers and researchers use it to read the statutory wording before checking how courts have applied this section in reported judgments.

How do I find judgments on Finance Act, 1992 Section 40?

Open “Find citing judgments” on this page to search Supreme Court, High Court, and tribunal decisions that reference Finance Act, 1992 Section 40. Advanced act search can narrow results by court, year, or additional act filters.

Is the section text on SooperKanoon official?

SooperKanoon hosts bare act text for research and quick reference. For filings or compliance in Central, confirm the wording against the official state gazette or authorized publication.

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