If return in not filed within due date

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Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2015 if return is not filed in due date then whether current year depreciation can be carried forward or not,

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 August 2015 depreciation shall be carried forward irrespective of when you file the return

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2015 Dear sir
just i am asking regarding current year depreciation may be carry forward or not.

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 August 2015 Dear Querist,

I also answered the same :)

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2015 Please sir.
mention the section which say to carry forward of depreciation.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 August 2015 Agree with Ld. Expert. Unabsorbed depreciation can be claimed even if return is filed belatedly.

Refer Section 139(3) - It states .... sustained a loss in any previous year under the head "Profits and gains of business or profession" or under the head "Capital gains" ....Unabsorbed depreciation can be claimed and also loss from house property.

Also refer: Bhai Infotech Ltd. V/s. Income-tax Officer, Ward 2(3), Chandigarh IT APPEAL NO. 1211 (CHD.) OF 2011

Link:

http://www.itatonline.in:8080/itat/upload/11596450189694107213$5%5E1REFNO1211-11-Bhai_Infotech_Ltd.,Chd.pdf

Nikhil Kaushik

Nikhil Kaushik (Expert)
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09 August 2015 look at it other way around..there is no section which says depreciation is not allowed be carried forward. Depreciation is not covered under loss and is carried forward irrespective of when the return is filed

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2015 Dear sanjay sir
just i am asking regarding current financial year depreciation carry forward not for regarding unabsorbed depreciation ,if current year belated return is filed then current year depreciation can be carried forward or not.

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CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 August 2015 Why will you carry forward current year depreciation? You will carry forward only because it is unabsorbed.

If the current year depreciation can be absorbed then you can not carry forward at your wish.