Tag Archives: Unabsorbed depreciation

No deduction u/s 115JB if brought forward loss or unabsorbed depreciation becomes Nil

If either the loss brought forward or unabsorbed depreciation is nil, then the assessee is not allowable any deduction under this clause for computing the book profit under section 115JB. IN THE ITAT PANAJI BENCH Indian Furniture Products Ltd. v. Assistant Commissioner of Income-tax, Circle-2, Goa N.S. SAINI, ACCOUNTANT MEMBER AND GEORGE MATHAN, JUDICIAL MEMBER… Read More »

Unabsorbed depreciation allowed to be carried forward even if return filed belatedly

Issue Where the assessee  filed the return after expiry of time prescribed u/s 139(1), whether he is eligible to carry forward and set off of such unabsorbed depreciation as per section 139(3) and section 80 of the Act. ? Held Whereas, section 80 of the Act requires that return be filed as per section 139(3) of the Act… Read More »