Carry forward business loss and set off

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Querist : Anonymous

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Querist : Anonymous (Querist)
30 December 2013 An individual assesse has filed ITR-4 and accounted for F&O (Derivative) business loss in the ITR-4 for A/Y 2012-13. Thereafter the assesse has filed ITR-2 for A/Y 2013-14 with no business income/loss. No action on carry forward business loss.

Now, whether ITR for A/y 2014-15 (current financial year) can be filed in ITR-4 with business profit and set off against carry forward business loss for A/y 2012-13.

Pls. advice.

Thanks in advance
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
30 December 2013 yes it is allowed as since the time limit for setting off is not over.
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