Setoff & carry forward of loss
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 November 2013
A foreign holding company went bankrupt & its 100% Indian Subsidiary had huge losses into its BOA.The holding company has been acquired by some other company and now the Indian Subsidiary has new holding company with changed name and new set of shareholders.Can it Carry forward its losses?
12 November 2013
change of name is not relevant. If change in shareholding results in Section 79(a) being triggered that carry forward and set off wont be allowed.
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