SETOFF OF OLD FIRM LOSS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2010
THERE IS A PARTNERSHIP FIRM(VENKAT SILKS) WITH 7 PARTNERS UPTO 31-3-08.AND THE LOSS OF FIRM IS RS.36 LACS AS ON 31-3-08.IN F.Y.2008-09 6 PARTNERS RETIRED AND 1 NEW PARTNER JOINED IN THE FIRM.
IN F.Y.2009-10 THE BALANCE 2 PARTNERS CHANGE THE NAME OF THE FIRM AS (SIVARAM SILKS)TAKING OVER ASSETS AND LIABILITIES OF VENKAT SILKS.
MY QUESTION IS CAN SIVARAM SILKS(HAVING ONE PARTNER AT THE TIME OF 36LACS LOSS AND THE NEW PARTNER NOT THERE AT THE TIME OF LOSS OCCURANCE IN VENKAT SILKS) CAN SETOFF THE LOSSES OF OLDFIRM(VENKAT SILKS) AGAINST ITS PROFITS IN F.Y.2009-10
IF THERE IS ANY CASE LAW PLEASE QUOTE.
IN F.Y.2009-10 THE BALANCE 2 PARTNERS CHANGE THE NAME OF THE FIRM AS (SIVARAM SILKS)TAKING OVER ASSETS AND LIABILITIES OF VENKAT SILKS.
MY QUESTION IS CAN SIVARAM SILKS(HAVING ONE PARTNER AT THE TIME OF 36LACS LOSS AND THE NEW PARTNER NOT THERE AT THE TIME OF LOSS OCCURANCE IN VENKAT SILKS) CAN SETOFF THE LOSSES OF OLDFIRM(VENKAT SILKS) AGAINST ITS PROFITS IN F.Y.2009-10
IF THERE IS ANY CASE LAW PLEASE QUOTE.
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 July 2010
PLEASE REPLY
25 July 2010
Share of loss relating to the out going partner's cannot be carried forward and set off as per section 78(1) of the Income tax Act,1961.
25 July 2010
agreed with warrior sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
