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[Cites 0, Cited by 3] [Section 48] [Entire Act]

Union of India - Subsection

Section 48(a) in The Indian Partnership Act, 1932

(a)losses, including deficiencies of capital, shall be paid first out of profits, next out of capital, and, lastly, if necessary, by the partners individually in the proportions in which they were entitled to share profits;