Certain expenses debited in P&L A/C whether can be claimed as Business Loss of Partnership firm.

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Gyan Chand Agarwal (Querist)
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03 May 2023 In a Partnership firm, when most of the fixed assests (except one office premises) and all the machines etc. have been sold out upto F.Y. 2021-22. Bank charges, Professional Charges and amount receivable written off debited in P&L A/C in F.Y. 2022-23, whether return of Loss under I.T. Act, 1961 on account of such expenses can be filed for A.Y. 2023-24 and such loss can be carried forward to succeeding Asstt. year(s). It is noteworthy that there has been no manufacturing activity in F.Y. 2021-22 and F.Y.2022-23?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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04 May 2023 Return of Loss under I.T. Act, 1961 on account of such expenses can be filed for A.Y. 2023-24 and such loss can be carried forward to succeeding Asstt. year(s). No problem in case of no manufacturing.

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Certain expenses debited in P&L A/C whether can be claimed as Business Loss of Partnership firm.

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