Home Highlights August 2016 Year 2016 This

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1. Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

2. 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...

3. 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 -...

4. 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...

5. Set off of loss from assets on which depreciation was claimed - under section 74(1)(b) the assessee is entitled to the claim of set off of long term capital loss against...

6. Unabsorbed business/depreciation loss - carried forward and set off - the legislature has resorted to original provisions by amendment brought in by Finance Act 2001,...

7. Setting off of depreciation u/s 32(2) - unabsorbed depreciation for the block of Assessment year 1997-98 to 2001-02 which could not have been set off earlier, cannot be...

8. Claim of set off of unabsorbed depreciation against the rental income treated as income from other sources – discontinued activity - set off allowed - AT

9. Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

10. Current year's depreciation is to be allowed as set off from the Long Term Capital Gains and brought forward depreciation is to be treated as current year's depreciation...

11. Disallowance on account of setting of STCG against depreciation - carry forward of unabsorbed depreciation - set off allowed.

12. Whether assessee is entitled to set off the un-absorbed depreciation against the income from other sources ? - there could be no depreciation claimed as against income...

13. 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...

14. 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...

15. 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...