Set off of Loss carry forwarded

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CA Jignesh Patel (Querist)
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18 June 2011 Return filled in time us 139(1)for A.Y. 2008-09,Business Loss carry Forward Rs. 124134

Can the above loss can be set-off against taxable income of A.Y.2009-10 if the return of this A.Y. i.e. 2009-10, filled under section 139(4),i.e.Belated return???????????

Jignesh Patel

Plase quote respective section/dicision of court/CIT(A) if available

prasad

prasad (Expert)
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18 June 2011 TO CARRY FORWARD THE BUSINESS LOSS THE RETURN MUST BE FILED U/S 139(1).

BUT TO SET OFF THE CARRIED FORWARD LOSS AGAINST THE INCOME OF SUBSEQUENT YEARS, ITS NOT NECESSARY TO FILE THE RELEVANT RETURN U/S139(1).

ONE CAN VERY WELL SET OFF THE EARLIER YEARS CARRIED FORWARD LOSS AGAINST THE CURRENT YEARS INCOME.

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CA Jignesh Patel

CA Jignesh Patel (Querist)
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18 June 2011 Please Quote any dicision or case law becuase demand is raised by CPC banglore against my return,, reply given as per the answer but rejected.......

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