Amalgamation speculative profit
Aashi Garg (9 Points)
09 January 2022
in case of sec. 72A, whether speculative profit will be used to set off speculative loss or not.
5 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193915 Points)
Replied 09 January 2022
Sec. 72A of IT act is for Provisions relating to carry forward and set off of accumulated loss and unabsorbed depreciation allowance in amalgamation or demerger, etc.
Not for speculative business adjustment!
Aashi Garg
(9 Points)
Replied 09 January 2022
Then if there is speculative profit and loss. Can they be adjusted.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193915 Points)
Replied 09 January 2022
Yes, read sec. 73 of IT act, it can be carried forward to next 4 years for adjustment against speculative profits...
Aashi Garg
(9 Points)
Replied 09 January 2022
Meaning of there is speculative profit it can be adjusted against it
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(193915 Points)
Replied 09 January 2022
Yes, only against speculative loss... but not against any loss of gambling nature...
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