If i have 50 cr losses till AY 2015-16. and all ITRs are on time.. and i have again loss of Rs.4 cr in AY 2016-17. but i had filed late return..
My question is whether all loss of Rs. 54cr will be lapse or only 4 cr loss will be lapse?
Only 4 Cr will only lapse as per section 72( business loss) of Income tax Act 1961 .
CAclubindia
