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 July 2016 Year 2016 This

Not allowing the assessee set-off of the business losses against ...

Case Laws     Income Tax

July 7, 2016

Not allowing the assessee set-off of the business losses against other eligible heads of income in accordance with the law is a mistake apparent from records u/s 154 - AO was directed to rectify its order.

View Source

 


 

You may also like:

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. Unaccounted income over and above the regular income registered in the books of account - There is no dispute that assessee was engaged for development of project of...

  7. 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...

  8. Set off and carry forward of loss under the head ‘income from house property’ - Since the assessee is entitled to claim the entire interest paid during the year on loan...

  9. Revision u/s 263 - set off of loss in speculation business against business income - In the present case, the principle business of the assessee is trading in shares....

  10. The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

  11. 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...

  12. Set–off of business loss against the other heads of income while completing the assessment - we admit the additional ground considering the fact that the AO has also...

  13. 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...

  14. 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...

  15. Disallowance of set-off u/s 70 of share trading business loss against income from profession - the assessee has been able to substantiate that the shares were purchased...

 

Quick Updates:Latest Updates