Defferd tax liability & assets in loss making business

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kaushik sreekumar (Querist)
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06 October 2014 A company is having loss as per its financial statements. There is a Deferred Tax Liability of 12000 arising due to difference in depreciation rates as per Companies Act & Income Tax Act. Also there is unabsorbed depreciation to the extent of 30000 , but in the companies case there is no enough virtual certainty of adequate future taxable income. My Question is in regard to the deferred Liability , in regard to which can we adjust the unabsorbed depreciation as a deferred tax asset in the current year ?. Or will we have to show the entire depreciation difference as deferred tax liability ?