Deduction entitlement under section 80K follows the company's entitlement to section 80J even if not allowed due to lack of profits. A shareholder may claim a deduction under section 80K if the company is legally entitled to a deduction under section 80J, regardless of whether that ... Summary
Deduction entitlement under section 80K follows the company's entitlement to section 80J even if not allowed due to lack of profits.
A shareholder may claim a deduction under section 80K if the company is legally entitled to a deduction under section 80J, regardless of whether that deduction was actually allowed to the company due to insufficient profits; however, shareholders cannot claim any additional deduction when the company later utilises a carried forward deficiency that is allowed in the company's hands.
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