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Direct Taxation

In this question how is this presumption possible, it is already given that it is discontinued in p.y 2014 -2015 And it is iron ore business which is a specified business rite ? Carried forward is only possible for 4 years rite ? How is this carried forward possible and is this presumption rite ?

Swathi Krishna

Swathi Krishna

CA Final

★ 8K+

05-Oct-20 13:49

332

Answers (3)

It is not a speculation business. If year of loss is clearly not given in question , you can assume the last year in which business was functional.

CA Suraj Lakhotia

CA Suraj Lakhotia

Admin

05-Oct-20 15:18

But it is given discontinued in P.Y. 2014 -2015

Thread Starter

Swathi Krishna

Swathi Krishna

CA Final

★ 8K+

05-Oct-20 19:13

Yes. The loss of discontinued business can be carried forward.

CA Suraj Lakhotia

CA Suraj Lakhotia

Admin

06-Oct-20 17:39

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