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set off losses

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(Querist)
30 June 2009 Copmany is filling a late return of p.y 2007-2008 now and it has made profit in the particular yr and company has c/f losses of the previous yr , can that company set off losses against 07-08 p.y profit.

as per sec 80 it says if the company has loss in the yr and return is filled late then u can not c/f and set off such losses

pl guide
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Ratan Sharma

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Ratan Sharma (Expert)
30 June 2009 Hi,
Yes, you can set off the losses of preceeding years in the F.Y. 2007-08. If the return is filed after due date then the loss of the current year can not be carried forward but the losses of the earlier years can be set off against the income of the current year.
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