[aaykarbhavan] Re: SET OFF OF LOSSES

A private limited company has huge brought forward losses. Due to losses the assessee has discontinued business in AY 13-14. However the assessee has sold  fixed assets in A Y 14-15 and has made profit on sale of assets. All assets are depreciable assets and the realisation is more than WDV value of AY 13-14. Whether assessee can set off the brought forward losses of earlier year's against profit on sale of depreciable assets. The assets are relating to the same business which was discontinued

s.d.athale

mumbai

09892133045 

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