Section 73A of ITA, 1961 : Section 73A: Carry Forward And Set Off Of Losses By Specified Business
ITA, 1961
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Explanation using Example
Imagine a company, GreenTech Innovations, which is involved in two different specified businesses under Section 35AD: manufacturing solar panels and developing wind farms. For the financial year 2022-2023, GreenTech faces a loss of INR 10 million from the solar panel manufacturing due to unexpected market downturns, while it makes a profit of INR 5 million from the wind farm business.
Under Section 73A(1) of the Income-tax Act, 1961, GreenTech can only set off the loss from t...
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