carry forward losses

santhosh (Student) (1174 Points)

22 January 2010  

hai friends... it is very urgent please replay immediately..

A state Goverment undertaking company stops business in A/y 2004-05 the comapany didn't filied any stoppage of business letter to any authority, filed IT returns upto A/y 2004-05 duely, no returns filed after that A/y.... Now another state Government Undertaking firm is takeover that old one in the A/y 2010-11.... My question is when the new firm takeover old one:-

1) Whether unabsorbed depreciation and business loss can claim by the new one, even if the company fails file return for the A/y 2005-06 onwards..

2) The said company is transfer the asset at a nominal value of Rs 1/- whether it will attract any Gift Tax or any Capital gain....