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    Can a loss be carried forward by a reconstituted corporation in the event of a business constitution change?

    Answered 25-Nov-2022

     In most cases, the person who suffers a loss merely has the right to carry it forward to be corrected in the next year (s). However, the reconstituted corporation is eligible to carry forward the unadjusted losses of the prior organization in specific circumstances of reconstitution of the business, such as amalgamation, demerger, conversion of proprietary firm into a company, or conversion of partnership firm into a company, etc (provided that conditions specified in this regard are satisfied).

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