Set off of Loss carry forwarded
This query is : Resolved
CA Jignesh Patel
(Querist)
18 June 2011
Return filled in time us 139(1)for A.Y. 2008-09,Business Loss carry Forward Rs. 124134
Can the above loss can be set-off against taxable income of A.Y.2009-10 if the return of this A.Y. i.e. 2009-10, filled under section 139(4),i.e.Belated return???????????
Jignesh Patel
Plase quote respective section/dicision of court/CIT(A) if available
Can the above loss can be set-off against taxable income of A.Y.2009-10 if the return of this A.Y. i.e. 2009-10, filled under section 139(4),i.e.Belated return???????????
Jignesh Patel
Plase quote respective section/dicision of court/CIT(A) if available
18 June 2011
TO CARRY FORWARD THE BUSINESS LOSS THE RETURN MUST BE FILED U/S 139(1).
BUT TO SET OFF THE CARRIED FORWARD LOSS AGAINST THE INCOME OF SUBSEQUENT YEARS, ITS NOT NECESSARY TO FILE THE RELEVANT RETURN U/S139(1).
ONE CAN VERY WELL SET OFF THE EARLIER YEARS CARRIED FORWARD LOSS AGAINST THE CURRENT YEARS INCOME.
BUT TO SET OFF THE CARRIED FORWARD LOSS AGAINST THE INCOME OF SUBSEQUENT YEARS, ITS NOT NECESSARY TO FILE THE RELEVANT RETURN U/S139(1).
ONE CAN VERY WELL SET OFF THE EARLIER YEARS CARRIED FORWARD LOSS AGAINST THE CURRENT YEARS INCOME.
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CA Jignesh Patel
(Querist)
18 June 2011
Please Quote any dicision or case law becuase demand is raised by CPC banglore against my return,, reply given as per the answer but rejected.......
Dhirajlal Rambhia
(Expert)
06 July 2023
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