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

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