SETOFF OF OLD FIRM LOSS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2010 THERE IS A PARTNERSHIP FIRM(VENKAT SILKS) WITH 7 PARTNERS UPTO 31-3-08.AND THE LOSS OF FIRM IS RS.36 LACS AS ON 31-3-08.IN F.Y.2008-09 6 PARTNERS RETIRED AND 1 NEW PARTNER JOINED IN THE FIRM.
IN F.Y.2009-10 THE BALANCE 2 PARTNERS CHANGE THE NAME OF THE FIRM AS (SIVARAM SILKS)TAKING OVER ASSETS AND LIABILITIES OF VENKAT SILKS.
MY QUESTION IS CAN SIVARAM SILKS(HAVING ONE PARTNER AT THE TIME OF 36LACS LOSS AND THE NEW PARTNER NOT THERE AT THE TIME OF LOSS OCCURANCE IN VENKAT SILKS) CAN SETOFF THE LOSSES OF OLDFIRM(VENKAT SILKS) AGAINST ITS PROFITS IN F.Y.2009-10
IF THERE IS ANY CASE LAW PLEASE QUOTE.

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2010 PLEASE REPLY

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 July 2010 Share of loss relating to the out going partner's cannot be carried forward and set off as per section 78(1) of the Income tax Act,1961.

DR GAURAV GUPTA FCA, FCS, LL.B

DR GAURAV GUPTA FCA, FCS, LL.B (Expert)
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25 July 2010 agreed with warrior sir

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SETOFF OF OLD FIRM LOSS

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