Restriction on set-off of unabsorbed depreciation and brought forward losses where profits are declared under section 44BBB. The amendment to section 44BBB provides that where an assessee declares profits and gains in accordance with the deeming provision for foreign companies ... Summary
Restriction on set-off of unabsorbed depreciation and brought forward losses where profits are declared under section 44BBB.
The amendment to section 44BBB provides that where an assessee declares profits and gains in accordance with the deeming provision for foreign companies engaged in civil construction or erection in turnkey power projects, no set off of unabsorbed depreciation and brought forward loss shall be allowed for that previous year despite provisions governing depreciation and carry-forward losses.
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