Earlier year profits profits can it be adjusted

Dear Ashwini,

         Sec.72 deals with carry froward and and set off of business income. As per the section, loss can be carried forward and set off even if the business in respect of which it was incurred and computed has been discontinued. Hence, in ur case, previous years losses can be set off aginst current year income

yes i agree....discontinued business loss can be carried forward...

change in buss do not changes the assessee... the assessee is the same person than definatly set off nd carry forward is permissible.........

losses from business can be set off even if business is discontinued..........

I AGREE WITH NARAYANAN