Even in the event of addition being made u/s. 68 in the set ...

Taxpayer Can Offset Current Year's Business Loss Against Section 68 Addition During Set Aside Proceedings.

October 22, 2019

Case Laws Income Tax AT

Even in the event of addition being made u/s. 68 in the set aside proceedings, the assessee should be given the benefit of set off of current year’s business loss against the addition u/s. 68 of the Act.

View Source

← Previous Next →

Even in the event of addition being made u/s. 68 in the set ...

Taxpayer Can Offset Current Year's Business Loss Against Section 68 Addition During Set Aside Proceedings.

October 22, 2019

Case Laws Income Tax AT

You may also like:

The ITAT allowed the taxpayer's appeal, setting aside additions made under sections 69 and 56(2)(vii) regarding property acquisition. The Tribunal determined that the...

The ITAT Mumbai, in a case involving addition u/s 68 for unexplained cash credit from loans taken from various parties, held that only loans taken during the current...

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...

Service tax demand on Goods Transport Agency (GTA) services rendered on reverse charge basis set aside as appellant did not collect service tax from service recipient....

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...

Unexplained Credit – Addition u/s 68 - Additin where fixed deposits taken during the earlier years - fixed deposits renewed during the year - No addition during the...

Setting up of business during the year under consideration - Assessee having invested substantial amount in the purchase of another property in the year itself, thus,...

The Appellate Tribunal considered the validity of reassessment proceedings u/s 147 regarding unexplained investment u/s 69 and whether it is taxable in the current...

Set off of brought forward non speculative loss against the current years speculative income - Set off of loss from one head against income from another - there is no...

Assessment u/s 153A - addition made in respect of completed assessment in absence of any incriminating material - The tribunal found that the additions made to the...

Credit of TDS can be granted only when income corresponding to such TDS is assessed to tax in the same financial year. Assessee has the liberty to approach the Assessing...

Disallowance of businesses expenditure - previous year begins from the date of setting up of the business. Therefore, it is only after the business is set up that the...

Addition u/s 68 – credit of earlier year, additions made during the current year under dispute - Whatever remedy available with the department could have been utilised...

Addition u/s 68 for director's loan ledger account was made by assessing officer (AO) considering transactions not matching previous year's financial statements....

Addition u/s 68 - there is no fresh credit accepted during the current financial year. All the credits are transferred from the previous financial year - no addition can...

Quick Updates: