One company has already adjusted lesser of unabsorbed depreciation and business loss as per books under MAT, last year i.e. FY 09-10. But still, there are carried forward losses in the form of Debit balance of profit and loss account. Now, in FY 10-11, 1. Should the company again make backward calculation to check the figure of lower of unabsorbed depreciation and business loss, to claim lesser of the two from current year calculation of MAT.
Or
2. No deduction on account of lower of unabsorbed depreciation and loss will be allowed in FY 10-11, as the Company has already taken the benefit in FY 09-10. Please clarify.
CAclubindia
