carry forward losses

no,the unabsorbed deprecation & business loss can not be carry forward by new company bcoz in income tax act, it has been cleary said that u can only forward the loss if u have provied the details of the loss in the revelant A.Y.

Otherwise not  can not take the benefit of losses

thank you friend for your response...... but the company have full evidence with them for their losses also filed returns within duedate in all A/y's.... the only defalut is that they had not filed the return after A/y 2004-05...

Mr sandeep, Please Read Sec 72A...........................

Unabsorbed deprecation & business loss can not be carry forward by new company bcoz that Company didnt filed the Returns.

To Carry forward Losses they must filed the Returns in time then only it is possible

Hi,

i think, loss and depreciation can not be held in admissible only because returns of later years are not filed. Return for the years in which the loss and depreciation incurred were filed duly in date hence the same should be carried forward.

Thanks

as the said loss is belongs to A/y 2004-05 also that year filed return duely..... if there any benefit if files the return now for the subsequent years.... as it is nil return no setoff and all in that susequent years....

Dear all please go through the following provisions:-

According to section 139(3) read with sec 72, 72A, 73and 74 if losses is to be carried forward then return must be filed within the time allowed u/s 139.

But it does not apply incase of unabsorbed depreciation. According to the case of Haryana hotels Ltd. vs. CIT (2005), section 139(3) does not apply on unabsorbed depreciation because unabsorbed depreciation is not regulated by section 72 to 74, but bysection 32. According to this case unabsorbed depreciation can be carried forward even if return has not been filed or has been filed late.

Thank you Mr.Shailendra,

so in my case i may file return for remaining period i.e, from A/y 2005-06 onwards to claim unabsorbed depreciation......

also please tell me the answer for my second question.....

Dear Santosh,

For unabsorbed depreciation you are correct. You can carry forward unabsorbed depreciation by filing the returns.

Answer for your second question

Please check out the conditions given in definition of amalgamation given in income tax, if it is satisfied then there will not be any capital gain or gift tax on it, because it is written in section 47 that if the conditions are fulfilled then it will not be regarded as transfer.

Anything more required?

Dear Shailender,

I am taking about Business loss only.....& not unabsorbed depreciation....

I think Santosh wants to ask that if return was filed for the year in which losses were there, but no retuen has been filed for subsequent year, now can losses be carried forward...

I think U cannot carried forward Loss unless u have filed return of all intermediate years...

Dear Amir Sir,

I agree with you that it is necessary to file the returns in time for all the intermediate years.

Actaully i have answered santosh's query on the basis of understanding of only the filing of returns. My answer included the intermediate returns also. Thatswhy i have said that only unabsorbed depreciation can be carried forward NOW.

Thank you Mr.shailnder....

i am statisfied with your answer....

dear, first clear the type  of transfer i.e transfer in the type of merge or in amalgmation