DEPRECIATION
This query is : Resolved
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.
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.
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!!!
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!!!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Pass word to open justification report for Q1 for FY 2026-27
- Tax on Deemed Capital Gain
- Section 194JA & JB Income which ITR Form to use
- PPF interest-As Exempt Income disclosure
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Regarding ITR filing with more value than showing in AIS/TIS
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
