B/F losses not allowed to be carry forward - There is, in our ...

Income Tax

December 12, 2023

B/F losses not allowed to be carry forward - There is, in our opinion, no practical efficacy in the assessee carrying forward business losses, unabsorbed depreciation, and capital losses unless there is a possibility of setting off those losses in the future, albeit subject to the provisions of the Act. These are the aspects, in our opinion, that the concerned AO would examine in the relevant AY in which such set off is claimed. - Mere fact that the Tribunal has expunged the impugned observations, in our view, cannot impact the stand of the appellant/revenue. - HC

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B/F losses not allowed to be carry forward - There is, in our ...

Income Tax

December 12, 2023

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