X & Co a partnership firm has some unabsorbed losses.
X Pvt ltd has the same partners in X & co as shareholders.
Is it possible under Sec 47(xiii) to transfer the firm X & co to X P ltd.
If possible ..Next in the same year X Pvt Ltd wants to demerge and tranfer the loss making division(i.e.tranferred from X & co) to Y Pvt ltd (another company which wants the losses for their tax saving purpose).
Please clarify whether this is possible or not. please quote section numbers also.
Thanks in advance.
Income Tax doubt urgent..
CA SENTHIL PRABHU (CHARTERED ACCOUNTANT) (132 Points)
05 July 2011