Section 79
This query is : Resolved
15 August 2015
my quary is that a company incurred loss on 31.03.2009 something 2 crore. thereafter company is take over by another company and for A.Y. 2013-14, he adjust loss of A.Y. 2009-10 amounting 2 crore. while shareholding is less than 51 % comparative to A.Y. 2009 to 2013-14, please explain that loss will be set off or not.
16 August 2015
As per section 79if share holding get falls below 51 % in 5 years...
Then loss so adjusted shall be income of the transferee company...
Then loss so adjusted shall be income of the transferee company...
16 August 2015
And if any loss still exist even after shareholder % fall below 51%, such loss have no treatment at all. I.e. dead loss
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