set off of loss

This query is : Resolved

p.hepsiba (Querist)
Follow

23 February 2008 the accumulated loss of a urban coperative bank was Rs.26,00,000 as on 31.03.2006.return was not filed for the financial year 2005-06.
during financial year 2006-07 bank earned profit of Rs. 27,00,000.
can the loss Rs.26 lakhs outstanding on 31.03.2006 deducted from profit 27 lakhs in 2006-07?
if not will the whole profit earned Rs.27
laks will be taxable in the year 06-07?

MANAS ROUT

MANAS ROUT (Expert)
Follow

23 February 2008 if the loss is the business loss and if you have not filed your return within the due date as per sec-139(1) you cant not carry forward it .
CBDT has the power to allow the loss to be carry forward on thr ground of reasonable cause for the non-filling.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok