carry forward of loss
This query is : Resolved
15 March 2011
sir,
my client was a propritory concern running on losses and revived the business with admitting a partner making partnership firm.
my doubt is that in any circumstances the losses of the earstwhile propritory firm can be carry forward and set off by the new firm
my client was a propritory concern running on losses and revived the business with admitting a partner making partnership firm.
my doubt is that in any circumstances the losses of the earstwhile propritory firm can be carry forward and set off by the new firm
16 March 2011
No. One cannot set off the carried forward losses of the individual assessee against the taxable income of the firm since both the assessees are different.
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