In Case Of Change In The Constitution Of Business, Can The Loss Be Carried Forward By The Reconstituted Entity?
In case of a change in the constitution of business, can the loss be carried forward by the reconstituted entity?
Free Legal Advice - taxation
Posted by: Akshay Popli
Posted on: 2018-09-04
Generally, the person incurring the loss is only entitled to carry forward the loss to be adjusted in subsequent years. However, in certain cases of reconstitution of the business like amalgamation, demerger, conversion of the proprietary firm into company or conversion of partnership firm into the company, etc., the reconstituted entity is entitled to carry forward the unadjusted loss of predecessor entity
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