22 August 2012
Sun section 3 of Section 115JB provides as under:
Nothing contained in sub-section (1) shall affect the determination of the amounts in relation to the relevant previous year to be carried forward to the subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32A or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74A.
Accordingly, unabsorbed depreciation which has been utilised for the purpose of MAT is still intact for the purpose of Income Tax Act.
So, full amount of Rs. 20 can be set off against income of succeeding year.