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Set off & carry forward of loss under it act

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(Querist)
03 August 2012 One Co "ABC" has opened it's operation last year only & posted loss of Rs 8 crores. ABC is 100% subsidiary of "XYZ" which is a profit making company.

Can XYZ claim loss of ABC in its computation in income tax if yes pls also refer sections of it act also.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
03 August 2012 No u cannot set off loss os ABC wirh XYZ.
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suman

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suman (Querist)
03 August 2012 Dear Mr Aditya pls read sec 79 for once & let me know if any thing is possibe
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
03 August 2012 If merged then yes.
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suman

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suman (Querist)
03 August 2012 by merger you mean merger by court or by subscription of 100% shares by XYZ
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
03 August 2012 merger by court. However the merger would be effective from a date to me mentioned in the merger.
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