Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Closely-held companies can't offset past losses unless 51% ownership remains constant per continuity of ownership test.</h1> A closely-held company cannot aggregate unabsorbed losses from previous years with current financial year income unless it meets the continuity of ownership test. This test requires that at least 51% of the voting power be held by the same individuals on the last day of both the preceding and relevant financial years. Changes in voting power due to a shareholder's death or share transfer as a gift to relatives are disregarded. Additionally, changes in shareholding due to foreign company amalgamations or demergers are ignored if 51% of the original shareholders remain in the new entity.
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