Income assessable u/s 68 cannot be assessed under any particular ...

Income u/s 68 of the Income Tax Act cannot offset past business losses; disallowed expenses can be set off.

August 24, 2013

Case Laws Income Tax AT

Income assessable u/s 68 cannot be assessed under any particular head of income including income from other sources u/s 56 - Therefore, this addition cannot be set off against business losses computed in earlier years. However, as far as expenses disallowed on account of education expenses and on account of establishment expenses are concerned, they are to be set off. - AT

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Income assessable u/s 68 cannot be assessed under any particular ...

Income u/s 68 of the Income Tax Act cannot offset past business losses; disallowed expenses can be set off.

August 24, 2013

Case Laws Income Tax AT

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