Home Highlights July 2012 Year 2012 This

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1. 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...

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. Incorrect set off of brought forward business loss and unabsorbed depreciation - The working of the Ld. AO contains the mistakes as they are not in consonance with the...

4. 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...

5. Settlement of case - Set off the unabsorbed business loss - filing of belated return - Indeed, the assessee disclosed the income declared in the settlement commission...

6. 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...

7. Set off of loss brought forward losses - conditions of 51% shareholding - the assessee is not seeking carry forward of losses to be set off but the assessee is seeking...

8. Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

9. 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...

10. 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...

11. Revision u/s 263 by CIT - set off of the brought forward "non-speculative business loss" against the "profit of speculative business" - provisions of section 72 and 73,...

12. Assessment post amalgamation - brought forward losses post amalgamation - we allow the adjustment of brought forward business loss against the current year’s business...

13. Revision u/s 263 by CIT - set off of brought forward business loss from the income assessable under the head 'Capital Gain' - gain of depreciable assets by entering into...

14. Claim of Set off of the brought forward business loss – It is only the business loss/es as returned and admitted for the earlier years that would qualify for being...

15. 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...