Ashwini krishnen (self) (48 Points)
25 September 2010Hi All
The company carry forward Losses for previous 2 years and subsequetly chaged the nature of business by changing the object clause of the company and the name of the company but has the same directors . If the company posts profits in the current financial year is it possiable to set off the losses of the previous years. Will IT authorities take objection due to the change in the nature of the business being offset of a different nature.
Ashwini Krishnen
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 25 September 2010
No it wont be a bar for claiming set off u/s.72, as no such condition is mentioned in sec.72. So the company can claim set off
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