Amalgamation of Companies
This query is : Open
24 October 2008
A company was incorporated in July 2004 . The company started Restaurant operations in the May 2005 .
The restaurant business was continued by the company till March 2008 . The Company has also exported frozen food to United Kingdom . Due to heavy operational cost the following losses as per income tax are accumulated .
Kindly advise if what conditions are to be fulfilled for claiming losses under Income tax Act in case we opt to merge this company into some other profitable company .
With regards
Sandeep Rohatgi
09868705794
The restaurant business was continued by the company till March 2008 . The Company has also exported frozen food to United Kingdom . Due to heavy operational cost the following losses as per income tax are accumulated .
Kindly advise if what conditions are to be fulfilled for claiming losses under Income tax Act in case we opt to merge this company into some other profitable company .
With regards
Sandeep Rohatgi
09868705794
25 October 2008
SEction 72A of the IT act deals with this exhaustively.
27 October 2008
Sir ,
Thanks for your reply , but if you can spare some time and elobrate the same it shall be more beneficial .
taxsolutions
Thanks for your reply , but if you can spare some time and elobrate the same it shall be more beneficial .
taxsolutions
30 October 2008
What specific area you have an issue?
01 November 2008
We are part of large Group
The Facts in the matter are
Our Group Company A has lend other group company B a unsecured loan of Rs 7 crores .Four years back
Company A was in resturant business and suffered heavy losses and at present Accumulated income tax loss is Rs 15 Crores . Since the company A left with no Funds to repay the amount to creditors .
Company B has no options just to outright purchase the business of company to adjust the loan outstanding .
How shall the company B shall reflect the business takeover of A as per Income tax .
The Facts in the matter are
Our Group Company A has lend other group company B a unsecured loan of Rs 7 crores .Four years back
Company A was in resturant business and suffered heavy losses and at present Accumulated income tax loss is Rs 15 Crores . Since the company A left with no Funds to repay the amount to creditors .
Company B has no options just to outright purchase the business of company to adjust the loan outstanding .
How shall the company B shall reflect the business takeover of A as per Income tax .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
