
Dear Professional Seniors & Friends,
Warm Greeting!
Here is the Next post of #MCQ on concept based practical professional knowledge on special provisions relating to carry forward & set off of losses in a unique manner to be self answered by participants. The detailed answer of these MCQs shall be posted next day for the self assessment of the participants.
MCQ 68.1: XY Pvt Ltd are having two shareholders X & Y who carries equal voting rights in the company. During the year ended 2017, XY Pvt. Ltd. is having loss of Rs 50,000. Which among the following is correct in relation to set off & carry forward of loss if on 31.03.2018, Mr Y retired and transfer his shares to Mr. Z.
A) Loss will be carried forward only.
B) Loss can not be carry forward nor can be set off from future losses.
C) Loss can be carry forward and can be set off from future losses.
D) None of the above.
MCQ 68.2: What if in above question, retirement of Mr. Y was on account of his death?
A) Loss will be carried forward only.
B) Loss can not be carry forward nor can be set off from future losses.
C) Loss can be carry forward and can be set off from future losses.
D) None of the above.
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CA Sanjay Kumar Agrawal
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Dear Professional Seniors & Friends,
Warm Greetings!
This post of MCQ is on concept relating to provisions of set off & carry forward of losses in case of change in shareholding pattern.
Answer to MCQ 68.1: B) Loss can not be carry forward nor can be set off from future losses.
Answer to MCQ 68.2: C) Loss can be carry forward and can be set off from future losses.
Practical Analysis for MCQ 68.1& 68.2:-
(Disclaimer: The objective of the MCQ post is just to discuss the concept, it may happen, by change of facts, the answer may be different. Please do not treat this as professional opinion; you can definitely have your own opinion.)
Sincere Regards!
CA Sanjay Kumar Agrawal
Mobile: 9810116321
To access MCQ posts regularly, please Join Telegram Channel:
https://t.me/caSanjayKumarAgrawal
For All MCQ post please click on:
Webpage: http://www.casanjay.me/
Facebook: https://www.facebook.com/CA.Sanjay.K.Agrawal/
Linkedin: https://www.linkedin.com/in/ca-sanjay-kumar-agrawal/
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