Clarificatory Circular on Set off of losses and MAT credit in Section 115BAA

Circular No. 29/2019 dated 2nd October 2019 issued by Central Board of Direct Taxes (‘CBDT’). The CBDT has stated that representations have been received from the stakeholders seeking clarification on issues relating to exercise of option under section 115BAA:

(a) Allowability of brought forward loss on account of additional depreciation; and

(b) Allowability of brought forward MAT credit.

It has been clarified that Companies opting for section 115BAA shall not be allowed to claim set off of any brought forward loss on account of additional depreciation and MAT credit shall also be not available.

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