Set off & carry forward of loss under it act
This query is : Resolved
03 August 2012
One Co "ABC" has opened it's operation last year only & posted loss of Rs 8 crores. ABC is 100% subsidiary of "XYZ" which is a profit making company.
Can XYZ claim loss of ABC in its computation in income tax if yes pls also refer sections of it act also.
Can XYZ claim loss of ABC in its computation in income tax if yes pls also refer sections of it act also.
03 August 2012
No u cannot set off loss os ABC wirh XYZ.
Message likes :
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03 August 2012
Dear Mr Aditya pls read sec 79 for once & let me know if any thing is possibe
03 August 2012
If merged then yes.
03 August 2012
by merger you mean merger by court or by subscription of 100% shares by XYZ
03 August 2012
merger by court. However the merger would be effective from a date to me mentioned in the merger.
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