Carry forwar losses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2012
If i have a loss in any previous assesment year and i have filed a return for that previous year and if after that year no trading is done and i have also not submitted any return for that particular subsequent year and if now trading is started again and now i also want to file a return so can i take a benifit of brought forward loss or not.
CA Rahul Gupta
(Expert)
24 July 2012
ordinarily it can not be set off
However, if the assessee is having deemed profits under section 41, he will be able to claim the loss of the discontinued business incurred in the year of discontinuing the business, even if the profit arises after 8 years.
So we can use section 41(5), where section 72 period has expired.
However, if the assessee is having deemed profits under section 41, he will be able to claim the loss of the discontinued business incurred in the year of discontinuing the business, even if the profit arises after 8 years.
So we can use section 41(5), where section 72 period has expired.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- Taxation of crypto futures in India Fy 2026- 2027
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
