Home Highlights September 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. Block Assessment - Set off or carry forward of loss for p/y years from the undisclosed income determined during Search - It is clear that in computing the total income...

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

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

5. 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...

6. 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...

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. Set off of brought forward losses denied - change in the shareholding pattern of the assessee post merger - Considering the fact that the assessee is a subsidiary of...

9. 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...

10. 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...

11. Depreciation loss - loss arising due to forward contracts - Section 43A - The assessee even under unamended provision is entitled to benefit of the loss claimed by the...

12. 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....

13. Carry forward of unabsorbed long term capital loss - As the claim of the assessee is in accordance with the scheme of the Act viz. firstly allowing relief u/s.54EC while...

14. The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

15. Once the assessee exercises the option of claiming deduction from a particular assessment year, then only losses of the years beginning from initial assessment year...