Dear Members
Greeting for the day.
The fact of the Case :- There is one loss making company which filed incometax return timely but didn't mention the carry forward losses and unabsorbed depreciation details in ITR ever . Now company wants to take the benefit of Losses and Dep . Whether it may be possible or not. Please give valuable advice supporting by the evidence.
As per our opinion Unabsorbed depreciation can be used even return may be not filed and there is no place in ITR for showing that details and punjab and haryana hotels caselaw supported this opinion, consequently we can take the benefit of unabsorbed depreciation.
As per our opinion on losses, Company filed the return timely so section 139(3) and section 80 complied so we can also take benefit of losses even if we may not shown the same in ITR.
CAclubindia
