case law

This query is : Resolved

Riddhi (Querist)
Follow

04 August 2009 can anybody provide me case laws for the effect of brought forward loss to be set off in next year? whether it is necessary to assess the blancesheet every year again to take set off of brought forward loss?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

04 August 2009 Unabsorbed business losses in a previous year can be carried forward and set off against income of the subsequent previous year subject to the conditions mentioned in section 72 of the Income tax Act,1961.

Like wise the unabsorbed depreciation allowance can be carried forward to subsequent assessment years vide section 32(2) of the said act.

The act,on the issue, being very clear no need to search for case laws.

CA.PRAMOD KUMAR PANDA

CA.PRAMOD KUMAR PANDA (Expert)
Follow

05 August 2009 Agree with Mr. Warrier, but want to add another point. Unabsorbed Depreciation can be carried forward indefinitely as per provision of Section 32 (2).

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

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

sachidanandam

divakar podaturu

velichety.l.narasimharao

R B Pethe

Krishna seva das

Subscribe Now

case law

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA