Plz. try to solve my problem.......
FY 2008-09
Dep.-Rs. 1000 and Book Loss other than Dep. - Rs.1500
Claimed as Unabsorbed dep or Book loss other than Dep. Rs.1000
In FY 2009-10
Unabsorved Dep. = Rs.0
Book loss other than Dep. = Rs. 1500
Which amt. I can claim- 0 or 1500
wherever act says " Depriciation or Loss Other than Dep. whichever is lower" Sec.115JB
In Your Case Rs. 0 Will Be Carried Forward
Bcoz As per Sec 115JB Depreciation or Business Loss Other Than Depreciation Will Be Set Off Against Calculating Book profit of Subsequent Year.
In your case u cant claim any thing as ur unabsorbed depreciation is nil and also once u take the benefit of such adjustment in any ealier year than it is not possible to take the benefit of such section again.
THERE IS NO BENEFIT U/S 115JB AVAILABLE IN YOUR CASE FOR F. YEAR 2010-11.
BECAUSE OF THE CONDITION AS YOU ARE SAYING IS DEPRECIATION OR LOSS OTHER THAN DEPRECIATION
IN YEAR 2008-09 DEPRECIATION (RS. 1000/-) IS LESS THAN OTHER THAN DEPRECIATION LOSS (RS. 1500/-) SO DEPRECIATION AMOUNT WILL C/F TO 2009-10
AND NOW NO FURTHER LOSS PREVAIL FOR C/F U/S 115JB.
You will not be able to claim anything in the FY 2009-10.
Please refere the case law Fascel Ltd. v ITO (2008) 117 TTJ (Ahd.) 891.
As depreciation is nil, nothing would be deducted.
To Dinesh,
S/He is not asking about 2010-11. Kindly read the question.
Regards.
CAclubindia
