23 February 2008
the accumulated loss of a urban coperative bank was Rs.26,00,000 as on 31.03.2006.return was not filed for the financial year 2005-06. during financial year 2006-07 bank earned profit of Rs. 27,00,000. can the loss Rs.26 lakhs outstanding on 31.03.2006 deducted from profit 27 lakhs in 2006-07? if not will the whole profit earned Rs.27 laks will be taxable in the year 06-07?
23 February 2008
if the loss is the business loss and if you have not filed your return within the due date as per sec-139(1) you cant not carry forward it . CBDT has the power to allow the loss to be carry forward on thr ground of reasonable cause for the non-filling.
CAclubindia
