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of <h1>Carry Forward Business Losses for 8 Years Under Section 72; Unabsorbed Depreciation Can Be Carried Indefinitely.</h1> Section 72 of the Income Tax Act allows business losses, excluding those from speculation or specified businesses, to be carried forward and set off against future business income for up to eight assessment years. These losses can only be offset against business income and must be claimed by the original assessee unless exceptions like inheritance or corporate restructuring apply. Unabsorbed depreciation and capital expenditures can be carried forward indefinitely. Losses must be reported before the deadline specified in Section 139(1) to qualify for carry forward. The set-off order prioritizes current year depreciation, capital expenditures, and then carried forward losses.
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