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TMI BlogCarry forward and set off of losses not permissible in certain cases.X X X X Extracts X X X X X X X X Extracts X X X X ..... portionate to the share of retired or deceased partner as reduced by his share of profit, if any, from the firm for that tax year. (2) If any person carrying on any business or profession has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in this Chapter shall entitle any person other than the person incurring the loss to have it carried forward and set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble start-up referred to in section 140,- (i) all shareholders of the company holding shares carrying voting power, as on the last day of tax year in which loss was incurred, continue to hold those shares as on the last day of the tax year in which such change in shareholding takes place; and (ii) such loss was incurred during the first ten years beginning from the year of incorporation of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rded to the jurisdictional Principal Commissioner or Commissioner; or (d) to a company, its subsidiary and subsidiary of such subsidiary, if-- (i) the Board of Directors of such company were suspended by the Tribunal on an application moved by the Central Government under section 241 of the Companies Act, 2013 (18 of 2013) and new directors were appointed by the Central Government under sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of such company in aggregate. (5) Irrespective of anything contained in sub-section (4), if the conditions specified in sub-section 4(f) is not complied with in any tax year after the completion of strategic disinvestment, the provisions of sub-section (3) shall apply for such tax year and subsequent tax years. (6) In this section,- (a) a company shall be a subsidiary of another company, if ..... X X X X Extracts X X X X X X X X Extracts X X X X
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