Home Highlights April 2016 Year 2016 This

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1. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

2. Mode and manner of set off of loss - loss from one head set off against other head of income - business loss should be first set off against income from house property...

3. Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

4. Incorrect set off of brought forward business loss and unabsorbed depreciation - The working of the Ld. AO contains the mistakes as they are not in consonance with the...

5. As per section 72(2), unabsorbed business loss is to be first set off and thereafter unabsorbed depreciation treated as current years depreciation u/s 32(2) is to be set...

6. Exemption u/s 10B - 100% EOU - there was a loss in the Unit eligible for deduction u/s. 10B and there was a business income in an another Unit. Therefore, while...

7. Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

8. Set off of unabsorbed business loss - set off against Short Term Capital Gain U/s. 50 - income arising out of a sale of business asset though not taxable as profits and...

9. Set off of losses with the surrendered income - the restriction shall apply to assessment year 2017-18 onwards. Accordingly, for the year under consideration, there is...

10. Disallowing set off of losses claimed by the appellant set-off of business losses and carried forward losses against the undisclosed income - We are of the view...

11. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

12. Set off of brought forward non speculative loss against the current years speculative income - Set off of loss from one head against income from another - there is no...

13. Set off of loss incurred on sale of polished diamond goods against deemed income assessed u/s. 69A - set off against the income declared during the course of search -...

14. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

15. Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...