Business losses carried forward beyond a period of eight years could be deducted in computing the book profit

Susi Sea Foods Pvt. Ltd. Vs. ACIT (ITA No. 280/Vizag/2010) Visakhapatnam Bench of the Tribunal dated 9 May 2011 Facts :- The taxpayer was a private limited company. For the assessment year 2000-01, since the total income was less than 30% of the book profit, provisions relating to Minimum Alternate Tax were applicable to the taxpayer under section 115JA of the Income-tax Act (“ITA”). While computing the book profit under section 115JA, the taxpayer had reduced unabsorbed depreciation being lower of business loss and unabsorbed depreciation as per clause (iii) of Explanation to section 115J...