Tonnage tax sec 115 v
This query is : Resolved
ravi agarwal
(Querist)
08 August 2011
SIR,
1) i want to ask when we compute seperate seperate depriciation on block of qualifying and non qualifying assessts then whether the depriciation of non qualifying assets is allowed from non qualifying business income..
2) sir whether we can set off or carry forward the loss of non qulifying business..
1) i want to ask when we compute seperate seperate depriciation on block of qualifying and non qualifying assessts then whether the depriciation of non qualifying assets is allowed from non qualifying business income..
2) sir whether we can set off or carry forward the loss of non qulifying business..
CA PARAS BAFNA
(Expert)
22 August 2011
Clause ii of Section 115VL specifies that
NO LOSS UNDER RELEVANT SUBSECTIONS OF SECTION 70 to 72A "WHICH RELATES TO THE BUSINESS OF OPERATING QUALIFYING SHIPS" OF THE COMPANY, SHALL BE C/FDOR SET OFF ...
SO RESTRICTION IS LIMITED TO THE QUALIFYING SHIPS LOSSES ONLY.
QUERY-sir whether we can set off or carry forward the loss of non qulifying business..
REPLY- YES.
NO LOSS UNDER RELEVANT SUBSECTIONS OF SECTION 70 to 72A "WHICH RELATES TO THE BUSINESS OF OPERATING QUALIFYING SHIPS" OF THE COMPANY, SHALL BE C/FDOR SET OFF ...
SO RESTRICTION IS LIMITED TO THE QUALIFYING SHIPS LOSSES ONLY.
QUERY-sir whether we can set off or carry forward the loss of non qulifying business..
REPLY- YES.
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