Amir
(Learner)
(4016 Points)
Replied 17 February 2010
Dear Akshay,
I don't think that this can be possible.........
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 17 February 2010
In case of loss you have to file return on time. So no carry forward possible if return filed belated.
C.Balaji
(Learner)
(1867 Points)
Replied 17 February 2010
Mr.Akshay...
The Act clearly states that the Return of Loss should be filed within the due date inorder to carry forward the loss....so i don't think any case law will be available....
CA Manasa
(CA)
(1479 Points)
Replied 17 February 2010
Agreee with the above members Carry forward of Losses is allowed only if u file return in time
Amitkumar Joshi
(CA Final)
(30 Points)
Replied 17 February 2010
yup agreed with all jus further as the return shud b filled on or before the due date, file a loss return (or a return of loss) as per section 139 (3) if you want to carry forward the loss to subsequent years.
SELVAN.K
(PROFESSION)
(133 Points)
Replied 17 February 2010
Dear friends
I Also agree with u, but one think if there is a share trading business, that loss will be eligible to carry forward as business loss for subsequent assessment years.
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 17 February 2010
for CG loss return must b filed on time
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 17 February 2010
| Originally posted by : SELVAN.K | ||
 |
Dear friends I Also agree with u, but one think if there is a share trading business, that loss will be eligible to carry forward as business loss for subsequent assessment years. |
 |
Even business loss return needs to be filed in time to be allowed to be carried forward. Only depreciation loss & house property loss can be carried forward even if return filed belatedly.
C.Balaji
(Learner)
(1867 Points)
Replied 17 February 2010
Only Unabsorbed depn. and Loss under HP can be carried forward even if the return is filed as belated return....Other cases to cf the loss... file the return in time...
Jatin Singh Negi
(Country Analyst )
(505 Points)
Replied 17 February 2010
Nithin Chettoor
(Assistant Manager)
(388 Points)
Replied 18 February 2010
I agree with u all.... As the act is very clear about the condition on which carry forward is allowed, there should not be any case laws in its contrary...
Mr. Selvan, i guess the question was about Capital loss and not business loss. And also by virtue of 139(3) business loss also is not allowed to carryforward. I dont think there is anything special to share trading business loss alone.. is thr???
CAclubindia
