B/f loss and addmission of new partner

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2012 IF LOSS MAKING PARTNERSHIP FIRM WANTS TO ADD partner ,for the revivasl of the business,at the time old partners shares are reduced to some extend, in such situation earlier loss which is brouught forward and c/f in the current year ,how can it set off?
how could picture will change & where its impact seen when a new partner is introduced in the loss making partnership firm?

Anchal

Anchal (Expert)
Follow

11 June 2012 Thers should be no impact on the losses of the partership firm of the previous years, as all the partners of the firm when losses were suffered are still existing.

The Income-tax Act is silent on the lossess of the firm when there is a admission of the partner.

As per my knowledge, there should not be any impact on losses when a new partner is admitted.