As I understand, the C/F loss will not allow to adjust if the share holding pattern of the Company ( Pvt Ltd) is changed more then 50%. Is my understanding is correct and could any body put little more light on this subject please.
Thanks,
Suresh Babu
Hi Everybody,
I think I have not conveyed my massage properly and hence would like to explain the situation little more elaborately about my query:-
A Co called “A BC Pvt Ltd “is a Pvt Ltd Company and having share capital of Rs.10.00 Lakhs.
This company has incurred a loss of Rs 25.00 Lakhs during A\Y 2005-06 and it is carrying this loss for future year adjustment.
The Company’s share holding pattern during A\Y 2005-06 is as follows:-
Share Holder “A” 10%
Share Holder ‘B” 30%
Share Holder “C” 52%
Share Holder “D” 8%
During A\Y 2006-07 Share Holder “C” has sold it’s holding of 52%
And during the A/Y 2008-09 the company wants to adjust the C/F loss of 25.00 Lakhs against current year income, but since more then 50% of share holders has been changed between 2005-06 and 2008-09, whether this Co will allow to adjust this C/F loss or not ?
I hope now query is clear and anybody can put little more light on this issue please.
CAclubindia
