Set Off not taken

Shamita, i dont think the assessee will be allowed to set off this loss in the succeeding AY ie 2010-11 in this case, if he has not set off against business profit of this AY, as per the decision in BCS Kartar Chit Fund & Finance Co. Pvt Ltd.

i think it wont be allowed in next assessment year.

The losses must be setoff against the income of the immediately succeeding year(s). and if not done so ( if the income was available) then loss to the extent of income otherwise available can not be set pff in later years.