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DEPRECIATION

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(Querist)
18 January 2010 Dear Sir,
One of my friend started a factory 4 years back. But due to huge losses, he has shut down his business in F.Y. 2008-2009. He also hasn't submit the ITR for A.Y. 2009-2010.
He sold all his assets in F.Y. 2008-2009 in loss. Now, Assessing Officer call for ITR & Accounts. Please tell me can he take benefit of Depreciation with business losses in F.Y. 2008-09 (A.Y.09-10) ?? He sold his assets (Plant, Machinery, Land, Building etc) in F.Y. 08-09.
Please suggest.
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CMA. Dinesh S Adhikari, ACMA

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CMA. Dinesh S Adhikari, ACMA (Expert)
18 January 2010 Please clear that which income/gain your friend wants to set-off with Depreciation or Business/losses.

If, he has another business income, then he can set-off depreciation amount but not business loss amount, Because business loss is available only for set-off if ITR filed on time, however this restriction is not applicable on UNABSORBED LOSS.


Regards!!!
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