Home Highlights December 2018 Year 2018 This

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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. 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...

3. Set off un-absorbed depreciation against the deemed income under section 69, 69A, 69B and 69C allowed - AT

4. 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...

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

6. When the unabsorbed depreciation could not be set off as against the income from business or profession the same can be set off from income from other sources - HC

7. 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...

8. 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...

9. Claim of set off against the surrendered income - in case, the surrendered amount is treated as an income from business, then assessee is entitled to get set off - HC

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 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...

12. Disallowance of loss of trading in commodity exchange - set off of loss - there is no finding by both the lower authorities challenging the genuineness of the commodity...

13. Set-Off of brought forward unabsorbed depreciation against income from other sources and/or capital gains - CIT(A) has rightly directed the AO to allow the set off of...

14. 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...

15. Set off of unabsorbed depreciation against Income from House Property and Income from Other Sources - the ‘set off’ of the ‘unabsorbed depreciation’ cannot be bridled...