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Restriction on carryforward losses: unabsorbed losses barred where board is suspended with government nominated directors or insolvency admitted. Amendment substitutes clause (iih) in Explanation 1 to section 115JB, barring the aggregate amount of unabsorbed depreciation and loss brought forward where a company's board is suspended and government nominated directors are appointed by the Tribunal, or where the Adjudicating Authority has admitted an application for the corporate insolvency resolution process; it defines subsidiary by majority equity holding and specifies that 'loss' excludes depreciation, adopting statutory definitions of 'Adjudicating Authority' and 'Tribunal.'
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<h1>Restriction on carryforward losses: unabsorbed losses barred where board is suspended with government nominated directors or insolvency admitted.</h1> Amendment substitutes clause (iih) in Explanation 1 to section 115JB, barring the aggregate amount of unabsorbed depreciation and loss brought forward where a company's board is suspended and government nominated directors are appointed by the Tribunal, or where the Adjudicating Authority has admitted an application for the corporate insolvency resolution process; it defines subsidiary by majority equity holding and specifies that 'loss' excludes depreciation, adopting statutory definitions of 'Adjudicating Authority' and 'Tribunal.'
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