Order of Tribunal in case of Allied Resins & Chemicals Ltd – vital points “set off of business loss in ninth year is permissible” seems to have been missed by learned counsel of assessee.

Order of Tribunal in case of Allied Resins & Chemicals Ltd – vital points “set off of business loss in ninth year is permissible” seems to have been missed by learned counsel of assessee. https://www.taxtmi.com/article/detailed?id=1956 The statutory limit in sub-section (3) constrains only the period during which a business loss may be carried forward to later assessment years, not the act of set off itself. Losses carried forward into the final permissible assessment year remain available for set off thereafter if they were lawfully carried forward; the reported Tribunal order affirmed a rectification withdrawing a ninth-year set off because counsel had not argued that the limitation applied solely to carry forward. en-us Fri, 23 Nov 2012 19:37:19 +0530 Fri, 23 Nov 2012 19:37:19 +0530 TaxTMI RSS Generator Order of Tribunal in case of Allied Resins & Chemicals Ltd – vital points “set off of business loss in ninth year is permissible” seems to have been missed by learned counsel of assessee. https://www.taxtmi.com/article/detailed?id=1956 The statutory limit in sub-section (3) constrains only the period during which a business loss may be carried forward to later assessment years, not the act of set off itself. Losses carried forward into the final permissible assessment year remain available for set off thereafter if they were lawfully carried forward; the reported Tribunal order affirmed a rectification withdrawing a ninth-year set off because counsel had not argued that the limitation applied solely to carry forward. Articles Income Tax Fri, 23 Nov 2012 19:37:19 +0530 https://www.taxtmi.com/article/detailed?id=1956