Brought forward business losses for more than 8 years can be adjusted against book profits

Peerless Hospitex Hospital & Research Centre Ltd. Vs DCIT (ITAT Kolkata) Conclusion: While computing book profit u/s 115JB, assessee company was entitled, to deduct the B/F business losses as the restriction, contained in Sec.72 of the I.T. Act on carrying forward the unabsorbed business losses for more than 8 years, did not apply in computing the Adjusted Book Profit u/s 115JB. Held: In return of income filed by assessee company for A.Y. 2009-10, it had claimed deduction of Rs. 2,95,24,869/- in computation of MAT u/s 115JB, on verification of records it was seen that the amount claimed by...