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of <h1>Business Reconstitution: Carry Forward Unadjusted Losses Under Certain Conditions Per Income Tax Regulations</h1> In cases of business reconstitution, such as amalgamation, demerger, or conversion of a proprietary or partnership firm into a company, the reconstituted entity may carry forward the unadjusted losses of the predecessor entity. This is generally allowed only if specific conditions are met. Typically, only the entity that incurred the loss can carry it forward to subsequent years, but exceptions exist for certain reconstituted entities under the conditions outlined in the income tax regulations.
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