Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Business loss cannot be set off against the income assessed ...


Business Losses Can't Offset Income u/s 68 Deeming Provisions; Not Recognized Under Five Income Heads.

June 28, 2016

Case Laws     Income Tax     AT

Business loss cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income - AT

View Source

 


 

You may also like:

  1. Business loss cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income - AT

  2. Addition on account of share premium as income from other sources - It becomes income of the assessee only by way of deeming legal fiction. We find that the residuary...

  3. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

  4. Addition as headless deemed income - Unaccounted income u/s. 68 to section 69D - In sub-section (2) of section 115BBE as introduced by Finance Act, 2012 only...

  5. Income from license fees - income under the head ‘Income from other sources’ OR 'business income' - AT

  6. As per the section 71(1), from one head can be set off against the income from another head of income. - even if the said income is treated as an income assessed u/s 68,...

  7. Set-off of the losses against the deemed income u/s 69C - Determination of correct head of income - there is no iota of doubt that the deemed income assessed u/s 69C of...

  8. Unexplained cash credits u/s. 68 - taxability u/s. 115BBE - once the nature and source of credit found in the books of accounts of the assessee is linked to business,...

  9. Assessing Officer directed to allow set off of current year's business loss as well as the brought forward business loss/unabsorbed depreciation against the income...

  10. 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...

  11. Set off of business loss against interest income taxable under the head income from other sources - as the assessee has not carried out any business activity during the...

  12. Unexplained credit u/s 68 - the amount received by the assessee is to be treated as income u/s 68, assessable under the head “Income from other sources” and accordingly...

  13. Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

  14. Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

  15. Losses incurred by the assessee from F & O operations - Speculation loss or business loss - Loss incurred on account of derivatives would be deemed business loss under...

 

Quick Updates:Latest Updates