115JB

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2010 While determining of book profit under Section 115 JB loss or depreciation has to be taken cumulatively for all the years or for each year separately?

CA Sanat Pyne

CA Sanat Pyne (Expert)
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01 September 2010 As per Clause (iii) of Explanation to Section 115 JB amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account, is to be reduced. The amount of loss or depreciation as per books would be one consolidated figure and above clause does not require determination of amount on year-to-year basis. [Amline Textiles Pvt. Ltd. vs. ITO (2009) 27 SOT 152 (Mum.)]