Set off of Unabsorbed depreciation as on April 1, 1997 can be ...

Unabsorbed depreciation from April 1, 1997, offsets any income for 1998-99; business income only for next 8 years.

May 4, 2016

Case Laws Income Tax SC

Set off of Unabsorbed depreciation as on April 1, 1997 can be set off against the income from any head for the immediate assessment year following April 1, 1997 (assessment year 1998-99)and thereafter if there still is any unabsorbed depreciation the same can be set off only against the business income for a period of eight (08) assessment years - SC

View Source

← Previous Next →

Set off of Unabsorbed depreciation as on April 1, 1997 can be ...

Unabsorbed depreciation from April 1, 1997, offsets any income for 1998-99; business income only for next 8 years.

May 4, 2016

Case Laws Income Tax SC

You may also like:

Provision for payment made on behalf of subsidiary company claimed as expense - Even if the version of the CIT(A) taken as correct, then also, the loss being...

Period of limitation for carrying forward of Unabsorbed depreciation loss prior to assessment year - once the Circular No.14 of 2001 clarified that the restriction of 8...

Cooperative society exempt from tax u/s 80P(2)(a)(iii), no obligation to pay advance tax. Order rejecting waiver of interest u/ss 234B and 234C for assessment years...

Disallowance of depreciation - assessee had claimed 100 percent depreciation as the project was completely abandoned later in the year 1999. Since the machinery was...

Revision u/s 263 by CIT - Unabsorbed Depreciation or unabsorbed Business Loss - Even, assuming for a moment, the PCIT is right on his observation, but fact remains that...

Set off of unabsorbed depreciation allowances against income under the head salary - losses under the head income from business or profession, including unabsorbed...

Carry forward of the depreciation loss - once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed...

Deduction u/s 10B - Here in the case in hand, the total income was first arrived at by the Revenue through the AO in the Assessment Order by computing the total income...

Re opening of assessment - non inclusion of excise duty in the closing stock - The assessment year being 1997-98 - the provisions of section 145A inserted by the Finance...

ITAT held that gains from sale of trademarks "Coldarin" and "Raricap" acquired prior to 01/04/1998 qualify as Long Term Capital Gains, not Short Term Capital Gains....

Reassessment - The statute having thus fixed the assessment year in which the entire past accumulated income falls to be taxed, it is impermissible in law for the...

Set-off of unabsorbed deprecation against short term capital gains - if current depreciation is deductible in the first place from the income of the business to which it...

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...

Once the unabsorbed carried forward depreciation has become a part of the depreciation of the current year, it is not open to the assessee to bifurcate the two again and...

Penalty under Section 17(5A) - assessee contested against that it cannot be levied for any year prior to 1998-99 as it was introduced with effect from 1.4.1998 -...

Quick Updates: