Case Law Details
Case Name : Go Airlines (India) Limited Vs DCIT (ITAT Mumbai)
Related Assessment Year : 2014-15
Courts :
All ITAT ITAT Mumbai
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Go Airlines (India) Limited Vs DCIT (ITAT Mumbai)
We are concerned with the computation of book profits u/s.115JB of the Act wherein one of the items eligible for reduction would be the lower of brought forward cash loss or brought forward depreciation loss as per books of accounts. We find that provisions of Sections 32(2) and 72 of the Act explicitly provide that the amount would be carried forward for set off in the succeeding years and it should be arrived at after deducting the amounts to which effect has already been given. We find that such provisions are apparently not present in compu...
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Hi,
Does that mean, if the losses are adjusted in the earlier years the same can be adjusted again if the loss continues in the books of accounts?