https://www.taxtmi.com/acts?id=51650 Section 119 bars carry forward and set off of losses where the taxpayer's identity changes: for firms, losses proportionate to a retired or deceased partner's share that exceed that partner's profit share cannot be carried forward; where a business is succeeded otherwise than by inheritance, only the original loss incurring person may carry forward losses. For closely held companies, prior year losses are disallowed after shareholding change unless substantially the same persons beneficially hold controlling voting power at the tax year end, with an exception for eligible startups subject to shareholder continuity and a ten year incorporation limit; specified exceptions and definitions are provided. en-us Thu, 14 Aug 2025 10:50:12 +0530 Sat, 31 Jan 2026 12:05:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=51650 Section 119 bars carry forward and set off of losses where the taxpayer's identity changes: for firms, losses proportionate to a retired or deceased partner's share that exceed that partner's profit share cannot be carried forward; where a business is succeeded otherwise than by inheritance, only the original loss incurring person may carry forward losses. For closely held companies, prior year losses are disallowed after shareholding change unless substantially the same persons beneficially hold controlling voting power at the tax year end, with an exception for eligible startups subject to shareholder continuity and a ten year incorporation limit; specified exceptions and definitions are provided. Act-Rules Income Tax Thu, 14 Aug 2025 10:50:12 +0530 https://www.taxtmi.com/acts?id=51650