Carry forward of loss

Dear CCI Members,

In our private company, we have brought forward business lossess of Rs. 8,01,749 and brought forward Long Term Capital Losses of Rs. 1,69,776 as on date. One shareholder holding 23.80% shares has passed away few months back. The husband of deceased shareholder has come up with a transimission request. I would like to know is there any restriction in Income Tax Act, for carry forward of losses to future years after change in beneficial ownership? 

Please reply immediately.

Regards,

Arjun Rajagopal

Replies (3)

Nope.

In case of  abovescenario, there is no restriction in income tax act for carry forward of losses.

Thank you sir for your kind reply. I would like to know in which scenario the restriction applies. Please quote relevant section/case law.

Section 79 of the Income tax Act 1961 which is self explanatory

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