C/f and set off of losses
Tejas shah (Sweeper) 19 September 2019
Can business loss of AY 2011-12 be adjusted against profit of AY 2019-20???
Kapadia Pravin 20 September 2019
Such loss can be carried forward for eight years immediately succeeding the year in which the loss is incurred.
Hence AY 2011-12 can be adjusted against profit of AY 2019-20.
Suresh Babu 20 September 2019
If it is non speculative business, can be carried forward and set off upto 8 years.. Loss of FY 10-11 can be set off till FY 18-19.
Kamlesh Batra (CA) 20 September 2019
Loss can be carried forword upto 8 assessment years immediately succeeding the year in which it is occured if it not occured from speculation business.
Therefore loss of A.Y 2011-12 can be set off against the profit of AY 2019-20.
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