29 March 2009
If an assessee has suffered loss under PGBP in the previous year 2006-07 and furnished the return with time u/s 139(1). But in the A/y 2008-09 he has filed the return after time limit u/s 139(1). I. Income in the A/y 2008-09 II.Loss in the A/y 2008-09
Whether under each of the above cases he will have the benefit of carry forward and set off of loss sustained in the P/y 2006-07.
30 March 2009
loss for the year 06-07 can be set off against the income of year 08-09 and can be carry fwd if not fully set off but loss for the year 08-09 will not be allowed to be carry fwd if return not filed on time as per sec 139(1)
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