Set-off restriction: amendment bars set-off of unabsorbed depreciation and brought forward loss where presumptive profits are declared. The amendment denies set-off of unabsorbed depreciation and brought forward loss for any previous year in which an assessee declares profits and gains ... Summary
Set-off restriction: amendment bars set-off of unabsorbed depreciation and brought forward loss where presumptive profits are declared.
The amendment denies set-off of unabsorbed depreciation and brought forward loss for any previous year in which an assessee declares profits and gains under the presumptive mechanism in sub section (1) of section 44BBB, operating notwithstanding specified provisions relating to depreciation and carry forward losses.
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