Business Loss

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2010 I had loss (Business)in last year which i carried forward to this year. Now in this year I have profit but very low.
I do not want to set off my carried forward loss against this year's profit and want to carry forward. Is it ok in income tax?

CA Sanat Pyne

CA Sanat Pyne (Expert)
Follow

27 August 2010 no .If there is any profit then you have to adjust with carry forward loss .

Querist : Anonymous

Querist : Anonymous (Querist)

27 August 2010 Sir, can you tell me where it is mentioned?

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

27 August 2010 Assessee does not have any option - Section 72 provides for carry forward of loss only when such loss cannot be set off against income under any other head. Under the Act, there is no provision which give option to the assessee to show the profit as income from one source and carry forward the loss from another source of income to the next year - CIT v. Milling Trading Co. (P.) Ltd. [1994] 76 Taxman 389 (Guj.).

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

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

R M Shekhaliya

Amit Goyal

SHRI HARIRAO

Frank

Pushkar Nagda

Subscribe Now

Business Loss

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Accountant

Manager- Finance and Compliance

GST CONSULTANCY

Senior Executive

GST CONSULTANT