Section 79 of it act

This query is : Resolved

swati kulkarni (Querist)
Follow

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?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

swati kulkarni

swati kulkarni (Querist)
Follow

28 November 2012 A LTD IS A PUBLIC LTD. CO. (NOT A GOVT. CO. OR SEC. 25 CO.)

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

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.

swati kulkarni

swati kulkarni (Querist)
Follow

28 November 2012 SEC 79 IS APPLICABLE NOT APPLICABLE TO COMPANY IN WHICH PUBLIC ARE SUBSTANTIALLY INTERESTED AND NOT A PUBLIC CO.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Santosh Behera

velichety.l.narasimharao

nilesh

CA Jyoti Singh

Sagar Khakhiwala

Subscribe Now

Section 79 of it act

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

Senior Executive