1.Unabsorbed Depreciation shown ITR of AY 2020-21
2.Unabsorbed Depreciation not shown ITR of AY 2021-22 pertaining to AY 2020-21 and ROI is filed
3.Can We Set Off Unabsorbed Depreciation of AY 2020-21 in Current Year AY 2022-23?
Any Case laws we also help in this matter
Whether the depreciation was claimable/adjustable against profits in AY 2021-22?
If yes, then only remaining amount after the adjustment, can be claimed in current AY..
No adjustments made in AY21-22 i.e no set off was done against profits for unabsorbed Depreciation and taxable income was discharged by paying tax
You need to adjust the depreciation first. Cannot carry forward it when there was possibility to adjust it in earlier year. So, no question of paid tax, only remaining depreciation amount can only be adjusted in current AY.
Sir Thank you for speedy response for my query
Last doubt since revised return cannot filed for AY 21-22 and we cannot setoff unabsorbed Depreciation against profits of AY21-22.So Can I adjust unabsorbed Depreciation of AY20-21 for present AY 22-23?
THANK YOU SIR ONCE AGAIN
My dear,
I have not come across any notification or circular, exempting the condition laid in the act..
For AY 2021-22, try to file rectification request..
CAclubindia
