Sir,
Ours is a partnership firm , which is having carry forward loss of Rs 1.50 cr , but due to several incometax assesments this figure after recomputation has come down to 84 lakhs, I want to know whether this can be sett off against depreciation loss of nearly 84lakhs which is from FY 2003-04 to 2010-11 FY. Can depreciation loss be sett off against carryover business loss after 8 years. I want to know what is the rule for the same. ???
CAclubindia
