Under what route a Holding Co can claim losses of Subsi Co
PRAGYA ROHATGI
(Querist) 08 December 2009
This query is : Resolved
Financial of Company A
31/03/2008 31/03/2009
Share Holders Funds Amount Amount
Share Capital 88007100 88007100
Share application 13500129 89300000
Reserve and surplus -152348501 -161112162
Fixed Assets 11404007 7796689
Investments 4277 4277
Current assets 13971921 11248650
-25461067 35244554
Outside labilities
Unsecured Loan 59346484 0
Current Labilities 16874993 2854678
76221477 2854678
Net worth -101682544 32389876
Rs in Crores -10.17 3.24
Facts regarding the company
A was into the business as Quick Service Resturant and catering services starting from 1/4/2004 in the year 1/4/2008
A has changed it line of business limited to catering services only . The capital in the company was intodruced
by one of the group concern B which is holding more than 60% of share holding . However the balance share holding can
also be purchased by group concern B so as pulse may become 100% subsidary of B for merger purpouses . Company B can
continue catering business of pulse for next five years and keep the fixed assets intact for next five years as required for claming
losses
Year wise position of income tax losses
Time limit
Fy Year Assesment Year Loss Assessed for adjustment of losses
2004-05 2005-06 9134695 2013-14
2005-06 2006-07 23692370 2014-15
2006-07 2007-08 72306701 2015-16
2007-08 2008-09 66282482 under assesment
2008-09 2009-10 8861124 yet to be assessed
Under what route we should file a application before high court so as we can claim the losses
Gulshan Tanwar
(Expert) 14 January 2011
No one answered the query, pity!!! I am not having time these days will be back to LCI after sometime and then only can answer the same.
