Income tax payment

Following are needed to be seen

a) for the accumulated losses whether the returns have been filed in time or not for the years under considertaion there were losses

b) Also if it is company u cannot escape from MAT but howevre u ll get a deduction of unabsorbed depreciation or c/f losses which ever is lower

As per your query, you can adjust carry forward losses against current income.

you can setoff your previous year Business  losses from current year bussiness income but the onlu condition yoou have to full fill is that

you can only claim the deduction if you have filled the income tax retrun of your loss in bussiness also.

so then only you can take the benefit of sett off otherwise not

According to section 72 for the set off  of business loss it is necessary to filed the return of loss with in the limit of 139(1).