TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Section 119 bars loss carry-forward and set-off on firm constitution change, succession, or private company control shift</h1> The enacted Section 119 and the originally introduced clause both bar carry-forward and set-off of losses where a firm's constitution changes, where a business is succeeded otherwise than by inheritance, or where a private company's shareholding/control changes, while preserving specified exceptions (death, gift to relative, certain amalgamations/demergers, IBC/tribunal resolution plans, relocation, and eligible start-ups subject to a ten-year rule). The Act refines cross-references and broadens the company continuity inquiry to cover the 'year or years' in which losses arose (potentially widening scrutiny), whereas the Bill tied the 51% beneficial voting-power test to specific last-day comparisons; substantive policy remains the same.
TaxTMI 
TaxTMI 