Loss return undr 142(1) -- loss c/f ?

1445 views 15 replies
I was wondering if an assessee who filled the return under section 142(1) after the due date of filling the return can claim carry forward of loss under the income from business & profession and also on depreciation.
 
It is uderstood, as return is filed after due date, though under section 142(1) -- business loss will not be allowed to be carried forward. But unabosrbed depreciation under section 32(2) will be so.
 
Is it correct.
 
Regards,

 
Replies (15)

Here,

 

If the assessee has not filed the return in time then he cannot carry forward the loss except House property Loss.

However in respect of the unabsorbed depriciation it can be carried forward even if the return is filled after due date.

Yes. .All the treatments will be same as belated return. .
Yes. .All the treatments will be same as belated return. .

Agree with jay Bodha

AGREE WITH MR. JAY

AS I REMEMBER A CASE NAMED "HARYANA HOTELS' ALSO PROVIDES JUDGEMENT FOR THIS TOPIC.

Originally posted by : SUNNY AGGARWAL

AGREE WITH MR. JAY

AS I REMEMBER A CASE NAMED "HARYANA HOTELS' ALSO PROVIDES JUDGEMENT FOR THIS TOPIC.

Originally posted by : Jay Bodha

Here,

 

If the assessee has not filed the return in time then he cannot carry forward the loss except House property Loss.

However in respect of the unabsorbed depriciation it can be carried forward even if the return is filled after due date.

 

AGREED.

" If the assessee has not filed the return in time then he cannot carry forward the loss except House property Loss &

However in respect of the unabsorbed depriciation,Capital expenditure on scientific research and Family planiing expenditure ( NON SPECULATION LOSSES ) it can be carried forward even if the return is filled after due date "

Section 80 will no creat any barrier in case of unabsorbed deprication it can be carry fwd even if return is filled after due date as decided by P&H(HC) in case of Haryana hotles ltd.

 

 

 

If the assessee has not filed the return in time then he cannot carry forward the loss except House property Loss.

However in respect of the unabsorbed depriciation it can be carried forward even if the return is filled after due date.

 

Right said above....

This is also a question for Nov 11 CA Final direct taxes.-Section 142(1)-Assessee allowed to carry forward the unabsorbed depreciation only..as return is not filed as per due date u/s 139(1).

The business loss cannot be carried forward and unabsorbed depreciation will be allowed to be carried forward.

 

Regards,

Viswanathan.C.P

Agreed with replies made by friends.

As the return is not filed under due time as per sec 139(1) then as per sec 80 read with sec 139(3) the carry forward and set-off of loss u/s 72, 73, 73A will not be allowed.

Sec 72 is for carry forward and set-off of business loss, hence will not be allowed to be c/f and set-off.

But as the unabsorbed dep is governed by the sec 32(2), the c/f and adjustment of dep will not be affected by not filing in due time as per sec 139(1).

This view is taken collectively from the decisions in CIT vs Haryana Holels Ltd and East Asiatic Company India Pvt Ltd.

Now it depends as to how is unabsorbed dep calculated. if u can further prove the calculation of dep then take as much amt as possible for dep and then u can carry forward the amt without any problem and sec 80 would not apply in that case.

:-)

agreed with jay bhai...


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register