Set off of losses - section 72A of IT Act.
This query is : Resolved
29 December 2010
Hey, I was going through the conditions as laid in section 72A of the Income tax Act where losses can be set off of amalgamating company by the amalgamated company.
Now It is necessary the the company must be the Industrial Undertaking..? & what does the Industrial Undertaking means.
I am going through the pratical case where the one loss making company say A ltd is amalgamated with say B Ltd.
Both the company are engage in Business of Health & Spa center.
Now can the losses of A ltd can be set off by profit of B ltd after amalgamation..?
Now It is necessary the the company must be the Industrial Undertaking..? & what does the Industrial Undertaking means.
I am going through the pratical case where the one loss making company say A ltd is amalgamated with say B Ltd.
Both the company are engage in Business of Health & Spa center.
Now can the losses of A ltd can be set off by profit of B ltd after amalgamation..?
29 December 2010
Yes losses can be set off by B ltd
30 December 2010
Sir can u plz explain in deatail.
As such i had read it is given that the Company should be an industrial undertaking as laid in section 72A
Am I right...?
As such i had read it is given that the Company should be an industrial undertaking as laid in section 72A
Am I right...?
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