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Section 79 – carry forward of loss- information in ITR – Schedule CFL is only informative and does not amount to a claim

Income Tax - By: - CA DEV KUMAR KOTHARI - Dated:- 8-11-2017 - Provisions: Section 79 and related S. 143 Scope of this article: Scope of this article is restricted to aspect of providing information in the Income Tax Return of company, about past loss .....

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a company in which public are substantially interested to which S.79 apply. Provision in year of set off will govern: It is well settled that carry forward and set off provisions as applicable in the year in which set off is sought will be applicable .....

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₹ 15,50,189 of the assessment year 1950-51 against the business income of the assessment year 1960-61 . The Supreme Court confirmed judgment of the High court and answered question in negative meaning that law applicable is the law that is in .....

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re for example: In case in future, majority shareholding again changes and 51% or more shares are again held by the same shareholders who held 51% or more shares in the previous year in which loss was suffered. For this purpose shares as on the closi .....

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ubsidiary of listed company, or shares held by government companies etc.) then also loss may be c/f and set off depending on provisions in that year. Changes in provisions which may allow carry forward of past losses and set off in subsequent years. .....

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ce taxable income. The claim for set off will be made only in the year in which assessee company has chargeable income against which such loss can be set off. Change in shareholding: Therefore, even if there is change in shareholding and as per prese .....

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information can be based on ROI of company for earlier years, even if there is some reduction by the AO in assessment order and there is live dispute by the assessee to establish its entitlement for loss as claimed in ROI of earlier year. In case AO .....

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