carry forward losses

This query is : Resolved

arpit (Querist)
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20 September 2009 returns were always filled in time before due dates. carry forward business loss and unabsorbed depreciation of earlier years though claimed in computation but could not be mentioned in inner schedules of ITR for earlier 1 or 2 years.

will the above losses be allowed to us and can we set off earlier losses to our current year's business income?

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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20 September 2009 You should have mentioned in ITR otherwise you cannot set off because of the recent judicial pronouncements that the benefit should have been claimed by the assessee and itr is the form to communicate the same to the assessing officer.