Santosh (Student ( Final Year - New )) (348 Points)
15 September 2010Plz. try to solve my problem.......
FY 2008-09
Dep.-Rs. 1000 and Book Loss other than Dep. - Rs.1500
Claimed as Unabsorbed dep or Book loss other than Dep. Rs.1000
In FY 2009-10
Unabsorved Dep. = Rs.0
Book loss other than Dep. = Rs. 1500
Which amt. I can claim- 0 or 1500
wherever act says " Depriciation or Loss Other than Dep. whichever is lower" Sec.115JB
CA Ayush Agarwal
(Kolkata-Pune-Mumbai)
(27186 Points)
Replied 15 September 2010
In Your Case Rs. 0 Will Be Carried Forward
Bcoz As per Sec 115JB Depreciation or Business Loss Other Than Depreciation Will Be Set Off Against Calculating Book profit of Subsequent Year.
Nirav
(Bcom, LLB, CA Final)
(107 Points)
Replied 15 September 2010
In your case u cant claim any thing as ur unabsorbed depreciation is nil and also once u take the benefit of such adjustment in any ealier year than it is not possible to take the benefit of such section again.
Dinesh Kumar Agarwal
(Article clerk)
(117 Points)
Replied 15 September 2010
THERE IS NO BENEFIT U/S 115JB AVAILABLE IN YOUR CASE FOR F. YEAR 2010-11.
BECAUSE OF THE CONDITION AS YOU ARE SAYING IS DEPRECIATION OR LOSS OTHER THAN DEPRECIATION
IN YEAR 2008-09 DEPRECIATION (RS. 1000/-) IS LESS THAN OTHER THAN DEPRECIATION LOSS (RS. 1500/-) SO DEPRECIATION AMOUNT WILL C/F TO 2009-10
AND NOW NO FURTHER LOSS PREVAIL FOR C/F U/S 115JB.
Parth - CA,CS,CMA
(Learner)
(406 Points)
Replied 15 September 2010
You will not be able to claim anything in the FY 2009-10.
Please refere the case law Fascel Ltd. v ITO (2008) 117 TTJ (Ahd.) 891.
As depreciation is nil, nothing would be deducted.
Parth - CA,CS,CMA
(Learner)
(406 Points)
Replied 15 September 2010
To Dinesh,
S/He is not asking about 2010-11. Kindly read the question.
Regards.
CAclubindia
