Carry forwar losses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 July 2012
If i have a loss in any previous assesment year and i have filed a return for that previous year and if after that year no trading is done and i have also not submitted any return for that particular subsequent year and if now trading is started again and now i also want to file a return so can i take a benifit of brought forward loss or not.
24 July 2012
ordinarily it can not be set off
However, if the assessee is having deemed profits under section 41, he will be able to claim the loss of the discontinued business incurred in the year of discontinuing the business, even if the profit arises after 8 years.
So we can use section 41(5), where section 72 period has expired.
However, if the assessee is having deemed profits under section 41, he will be able to claim the loss of the discontinued business incurred in the year of discontinuing the business, even if the profit arises after 8 years.
So we can use section 41(5), where section 72 period has expired.
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