setoff business loss & Depreciation loss, Income Tax

[Dwarakanath sriknatiah]

I have both business loss and depreciation loss from 2002/03 on wards till 2007/08

Profits from the 2008/09 on wards.

Pl advice whether business loss to be adjusted against the profit first against carry forward losses first?

and  then to adjust depreciation loss?

Posts / Replies

[CA GOPALJI AGRAWAL]

Carried forward business loss is adjusted first before unabsorbed depreciation u/s 32(2).

[Jyoti Sahoo]

yes am agree with Mr.Gopaji.