Exceptions to the Rule That Assessee Must be Same – Set Off & Carry Forward Losses

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EXCEPTIONS TO THE RULE THAT THE ASSESSEE MUST BE THE SAME

  1. On inheritance on death of an individual, the legal heir shall carry forward the losses of deceased for the balance number of years.
  2. Section 72A: The unabsorbed losses and the unabsorbed depreciation of the amalgamating company shall be deemed to be the unabsorbed loss and depreciation of the amalgamated company subject to the fulfillment of certain conditions referred to in Section 72A.
  3. Section 72A: Firm succeeded to by a company fulfilling the conditions laid down in section 47(xiii).
  4. Section 72A: Conversion of Company into a LLP fulfilling the conditions laid down in section 47(xiiib)
  5. Section 72A: Proprietary concern  succeeded to by a company fulfilling the conditions laid down in section 47(xiv)
  6. Section 72A: Loss of the demerged company can be carried forward by the resulting company subject to the fulfillment of certain conditions.
  7. Section 72AA: Loss of the banking company amalgamated with the banking institution can be carried forward by the banking institution.
  8. Section 72AB: Loss of amalgamating co-operative bank can be carried forward by the amalgamated co-operative bank subject to fulfilment of certain conditions.
  9. Section 72AB: Loss of demerged co-operative bank can be carried forward to the resulting co-operative bank subject to fulfillment of certain conditions.
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