52. Virat runs a business of manufacturing of shoes since the P.Y. 2018- 19. During...
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52. Virat runs a business of manufacturing of shoes since the P.Y. 2018- 19. During the P.Y. 2018-19 and P.Y. 2019-20, Virat had incurred business losses. For P.Y. 2020-21, he earned business profit (computed) of 3 lakhs. Considering he may/may not have sufficient business income to set off his earlier losses, which of the following order of set off shall be considered: (He does not have income from any other source) (a) First adjustment for loss of P.Y. 2018-19, then loss for P.Y. 2019-20 and then unabsorbed depreciation, if any. (b) First adjustment for loss of P.Y. 2019-20, then loss for P.Y. 2018-19 and then unabsorbed depreciation, if any. (c) First adjustment for unabsorbed depreciation, then loss of P.Y. 2019-20 and then loss for P.Y. 2018-19, if any. (d) First adjustment for unabsorbed depreciation, then loss of P.Y. 2018-19 and then loss for P.Y. 2019-20, if any
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