Pls tell me whether loss of Financial year 2008-09 will allowed as set off in Financial year 2009-10 in following case:
BusinessLoss FY 2008-09 -100
Dissallowed U/s43B 200
Taxable income for 08-09 100
(Loss FY 2008-09 = 25 Depreciation & 75 business loss)
in this case there is no loss in PY 2008-09.
there is profit of Rs 100
As per section 29 profit or gain is calculated by giving effect from section 30 to 43C
so after giving effect of section 43B you have profit not loss.
Abic and Mani Chartered Accountants
Kottayam
B.Com
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