Carry forward and Set off of losses
This query is : Resolved
14 July 2008
a partnership firm is converted in to a company. in this case can a firm carry forward the losses to the company
and can a company set off the losses so carried forwarded of the firm .
and can a company set off the losses so carried forwarded of the firm .
14 July 2008
Yes, subject the conditions given in Provisos to Clause(xiii) and (xiv) tof Section 47. As per section 47, All partners acquire shares in the company and there voting rights are in the ratio of their distribution of profit/loss, total shareholding is not less than 50%.
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