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 October 2018 Year 2018 This

Exemption u/s 11 - claim of set off of brought forward expenses ...


Section 11 Exemption Granted: Set-Off of Expenses Allowed Against Future Income, Claim Approved for Carry Forward.

October 30, 2018

Case Laws     Income Tax     AT

Exemption u/s 11 - claim of set off of brought forward expenses and carry forward of current year expenditure incurred in excess of its income for setting off against income of the succeeding years and claim it as application of income in the succeeding years - claim allowed.

View Source

 


 

You may also like:

  1. Exemption u/s 11 - Accumulation of income - The money referred in Clause (b) (ii) is one accumulated or set apart. Meaning thereby that even if 85% of the income...

  2. Exemption u/s 11 was not claimed in original return due to auditor's mistake in Form No. 10B. Assessee rectified mistake by filing revised Form No. 10B. Statutory claim...

  3. Exemption u/s 11 - Excess expenditure incurred by the trust/charitable institution in earlier assessment year could be allowed to be set off against income of subsequent...

  4. Income earned by a housing cooperative society from interest on fixed deposits and rental income is eligible for set-off against maintenance expenses. The interest...

  5. Validity of assessment passed w/o intimating u/s 143(1) - Denial of exemption u/s 11 and Claim of Expenses by the CPC - The Appellate Tribunal noted that the return of...

  6. Corpus donations, being distinct from incomes derived from trust property, are granted exemption separately u/s 11(1)(a) and 11(1)(d) of the Act. There is no overlapping...

  7. 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...

  8. Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However,...

  9. 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...

  10. Trust established before enactment of Income Tax Act, 1961 entitled to pay honorarium to trustees as per Memorandum of Association without violating Section 13(1)(c)....

  11. The assessee, a trust registered u/s 12AA, filed its return of income belatedly u/s 139(4) of the Income Tax Act. The issue was whether the trust could avail exemption...

  12. 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...

  13. Denial of exemption u/s 11(2) was contested due to the trust's failure to file Form No. 10 within the due date specified u/s 139(1) owing to technical issues. The...

  14. 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...

  15. Claiming Depreciation u/s 32 while claiming exemption u/s 11 - whether while computing income under section 11(1)(a) of the Income Tax Act, 1961, depreciation is not to...

 

Quick Updates:Latest Updates