Set off of Loss carry forwarded

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CA Jignesh Patel (Querist)

18 June 2011 I Have received reply of below mentioned question in positive,

but i want to know any dicision of court, CIT(A)

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???????????

Plase quote respective section/dicision of court/CIT(A) if available

CA. Krishna K Neeraj

CA. Krishna K Neeraj (Expert)

19 June 2011 Yes, there is restriction in carry forward of losses if ITR could not filed within due date but there is no restriction in brought forward and set off of losses ifnITR could not filed within due date.

ABHISEK TOSNIWAL

ABHISEK TOSNIWAL (Expert)

20 June 2011 Dear Jignesh,

A loss can be carried forward only when you file your return U/s 139(1).Thus we need to see the year in which we have incurred a loss and whether we have filed the return in time i.e. U/s 139(1). If we have filed it in time then we can carry forward the loss and set off in the succeeding years. It doesn't matter whether you file your return in time i.e. U/s 139(1) for coming years.Even you do not file your returns in time for the coming years you can still set off the loss in the coming years.

Regards
Abhisek Tosniwal

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