Change in firm's constitution
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 September 2011
In a partnership firm, at present, there are 3 partners. On 1st April 2011, a new partner, which is a company, is admitted resulting in change in profit sharing ratio. After some days, all the three partners decide to retire and the entire firm is held by a single entity i.e. the company. Hence, it will be referred to as a division of that company due to 100% holding.
The firm had unabsorbed depreciation. Whether it can be carried forward in the books of the company after the above change ?
The firm had unabsorbed depreciation. Whether it can be carried forward in the books of the company after the above change ?
21 September 2011
If all the three partners other than the ocmpany reture then the firm will be automatically dissolved.
Therefore the question of carrying forward of loss does not arise at leaset for IT purposes. Of course the loss in the books will have to be wiped out form future profits
Therefore the question of carrying forward of loss does not arise at leaset for IT purposes. Of course the loss in the books will have to be wiped out form future profits
21 September 2011
Agreed with expert the depreciation or loss can not be carry forward.
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