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Carry forward business loss can be set off partly

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Querist : Anonymous

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Querist : Anonymous (Querist)
27 September 2014 co. was having loss of Rs. 240000 in F.Y. 2011-12 and co. beared again loss of Rs. 20000 in F.Y. 2012-13.Total loss carry forward was 260000 in F.Y. 2012-13. Current F.Y. 2013-14 profi is 171568. So can we set off Current year's Profit against both the years losses?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
28 September 2014 yes you can set off provided the returns were filed within 139(1).
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