SETOFF OF OLD FIRM LOSS
Querist : Anonymous
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
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