04 November 2008
TThe company was incorporated on Dated 14th July 2004 . The company started Restaurant operations in the May 2005 . The company got registered trade mark as for various categories of business .
The restaurant business was continued by the company till March 2008 . The Company has also exported frozen food to United Kingdom . Due to heavy operational cost the following losses as per income tax are accumulated . Carried forward Losses as per Income Tax
Financial Year Amount of 2004-05 2005-06 91,34,695/- 2005-06 2006-07 2,69,66,192/- 2006-07 2007-08 6,99,24,454/- 2007-08 2008-09 6,62,82,482/-
Kindly advise if there is any option available with the company to avail tax benefit .
As per the provisions of Section 99.1 amalgamation we are not able to meet the requirement of Clause C ( Keeping 3/4 assets continously ).
Can any other method we can opt for amalgamation .
CAclubindia
