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Section 72

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 November 2010 Whether the firstly unabsorbed depreciation should be set-off before setting of loss income under business loss???
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
25 November 2010 Not permitted.
The priorities for carry forward and set off (relevant portion) is as follows:-
1) current year depreciation {section 32(1)}.
2)brought forward business loss {section 72(1)}.
3)Unabsorbed depreciation {section 32(2)}.
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