S.C : The amounts of business loss, unabsorbed depreciation, unabsorbed investment allowance, etc. as at the beginning of the accounting year are required to be adjusted and set off to the extent of such brought forward business loss, unabsorbed depreciation, etc. would have been adjusted and set off had the assessee been assessed to tax in the regular way in accordance with the provisions of ss. 28 to 43 of the IT Act, 1961, and not by way of application of the provisions of s. 115J(1) and that the resultant amounts of losses, unabsorbed depreciation, unabsorbed investment allowance, etc. only will be required to be carried forward to the next year
Supreme Court Of India Karnataka Small Scale Industries Development Corporation Ltd. vs. CIT Section 115J Asst. Year 1989-90 Ms. Ruma […]