https://www.taxtmi.com/acts?id=10839 If the successor satisfies the continuity of business test, the predecessor's unabsorbed current loss from ordinary sources is deemed the successor's unabsorbed preceding year loss from ordinary sources and section 58 applies; likewise unabsorbed current loss from special source is deemed the successor's preceding year loss and section 59 applies. The provisions do not apply where the predecessor is a sole proprietorship or unincorporated body and the proprietor's or participant's shareholding "ceases to be less than fifty per cent" of the successor's share value during the five years after reorganisation; failure to satisfy continuity or the listed conditions within that period triggers rectification as if the deeming had not applied. en-us Thu, 20 Aug 2009 12:21:54 +0530 Thu, 20 Aug 2009 12:21:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=10839 If the successor satisfies the continuity of business test, the predecessor's unabsorbed current loss from ordinary sources is deemed the successor's unabsorbed preceding year loss from ordinary sources and section 58 applies; likewise unabsorbed current loss from special source is deemed the successor's preceding year loss and section 59 applies. The provisions do not apply where the predecessor is a sole proprietorship or unincorporated body and the proprietor's or participant's shareholding "ceases to be less than fifty per cent" of the successor's share value during the five years after reorganisation; failure to satisfy continuity or the listed conditions within that period triggers rectification as if the deeming had not applied. Act-Rules Bills Thu, 20 Aug 2009 12:21:54 +0530 https://www.taxtmi.com/acts?id=10839