depreciation unabsorbed setting
As mentioned in Guidance Note on SS-1 " The company secretary in practice appointed by the company, the secretarial auditor, cost auditor, or internal auditor of the company can inspect the minutes as he may consider necessary for the performance of his duties." My Query is:- What is the meaning of word "Inspect"? Whether the secretarial auditor, cost auditor or internal auditor of the company can demand for the physical copies of minutes? Whether company is obliged to provide the same?
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According to the Provisions of Income Tax Act, 1961;
Unabsorbed Depreciation is treated as Current Year Business Loss for Each Assessment Year and so it is eligible to be Set off from Income under any Head with certain Exceptions.
But in present case, as we know Loss under one head should be Set off against Income under Same Head, and Balance (if any left) can be Set off from Inter-Head Income and still if there is any Balance can be Carried Forward to Forthcoming Years.
So, the answer will be No.