Section 79 of it act
This query is : Resolved
swati kulkarni
(Querist)
06 November 2012
A Ltd. an Indian co. is a 100% subsidiary of B Ltd. a listed Indian Co. B Ltd.sold the complete holdings in A ltd.to another Indian co. C Ltd. (not a listed Co.). now C Ltd. is 100% holding co. of A LTd. A ltd. has suffered losses during previous year. Whether Sec. 79 applicable in above situation or not? Can A Ltd. set off the losses of previous year?
22 November 2012
Please note that Section 79 is applicable only to a PRIVATE company.
Now the question is whether A Ltd is a private company or not?
Please answer the question and then I will reply accordingly.
Now the question is whether A Ltd is a private company or not?
Please answer the question and then I will reply accordingly.
swati kulkarni
(Querist)
28 November 2012
A LTD IS A PUBLIC LTD. CO. (NOT A GOVT. CO. OR SEC. 25 CO.)
28 November 2012
As I said above, Section 79 is applicable ONLY to a PRIVATE company.
It is NOT applicable to a public company.
Since A Ltd. is a PUBLIC company Section 79 is NOT applicable and loss will be allowed to be set off/carried forward.
It is NOT applicable to a public company.
Since A Ltd. is a PUBLIC company Section 79 is NOT applicable and loss will be allowed to be set off/carried forward.
swati kulkarni
(Querist)
28 November 2012
SEC 79 IS APPLICABLE NOT APPLICABLE TO COMPANY IN WHICH PUBLIC ARE SUBSTANTIALLY INTERESTED AND NOT A PUBLIC CO.
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