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Set off and carry forward of unabsorbed business loss and unabsorbed depreciation

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S SWAMINATHAN (Querist)
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24 December 2007 Transfer of capital assets through family arrangement from one company to another under section 391 to 394 of the Companies Act, 1956 is not regarded as 'transfer' under the Income Tax Act, 1961 and hence not liable for capital gains tax. (Recent Judgment The CIT Coimbatore Vs. M/s Kay Arr Enterprises (MAD). Whether such a Scheme can provide for carry forward and set off of unabsorbed business loss and unabsorbed depreciation of the undertakings to be transferred on such family arrangement to the new company though sec 2(19AA) is not satisfied?

CA.Krishna

CA.Krishna (Expert)
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11 June 2010 no

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