Carry forward

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

28 August 2011 The company has been purchased by acquiring its share from the shareholders. Name of the company is same as it was earlier. PAN is same. Can earlier losses before the purchase of share/company can be carried forward.

Please advise.

CA Rajeev Bansal

CA Rajeev Bansal (Expert)
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28 August 2011 See Section 79 of the Income Tax Act 1961. it applies to Private Limited Companies only.

If Your Company is Pvt. Ltd. then you cannot carried forward the earlier losses

Querist : Anonymous

Querist : Anonymous (Querist)

06 September 2011 Thanks Mr. Rajeev

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