Period of carry forward of speculative losses
This query is : Resolved
CA. SUNIL KUMAR
(Querist)
08 January 2008
Finance Act, 2005 had substituted the word "eight" by the word "four" in Sub-section (4) of section 73 of Income-tax Act, 1961, with effect from 1-4-2006.
Question arises here as what will be the position of the losses suffered by the assessee before the Assessment Year 2006-07 (for which the Assessee was entitled to carry forward the same upto 8 years), which remained unsetoff as on 01.04.2006 and the period of four years from the end of relevant assessment year stood expired as on 01.04.2006; but the period of 8 years would expire after 01.04.2006.
Kindly also apprise if the captioned issue had come up and decided by any Court of Law.
Thankx and Regards
Question arises here as what will be the position of the losses suffered by the assessee before the Assessment Year 2006-07 (for which the Assessee was entitled to carry forward the same upto 8 years), which remained unsetoff as on 01.04.2006 and the period of four years from the end of relevant assessment year stood expired as on 01.04.2006; but the period of 8 years would expire after 01.04.2006.
Kindly also apprise if the captioned issue had come up and decided by any Court of Law.
Thankx and Regards
CA. SUNIL KUMAR
(Querist)
08 January 2008
Section 73
CA Ghanshyam Baheti
(Expert)
08 January 2008
the changing provision will not be effected retrospectively that will get the carry forward for eight years
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