Revision u/s 263 by CIT - whether the deduction u/s 10A is to be ...

Court Rules Section 10A Deductions Calculated Before Setting Off Losses; Karnataka High Court View Not Universally Applicable.

March 10, 2022

Case Laws Income Tax HC

Revision u/s 263 by CIT - whether the deduction u/s 10A is to be computed after or before setting off of the losses / depreciation? - this court is of the opinion that the view of the Karnataka High Court that the deduction under Chapter VI A has to be made only after or subsequent to the brought forward depreciation allowances, seems to have been taken depending on that particular case and hence, the same cannot be straight away applicable to all the cases. - HC

View Source

← Previous Next →

Revision u/s 263 by CIT - whether the deduction u/s 10A is to be ...

Court Rules Section 10A Deductions Calculated Before Setting Off Losses; Karnataka High Court View Not Universally Applicable.

March 10, 2022

Case Laws Income Tax HC

You may also like:

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...

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...

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...

Exemption u/s 10B - 100% EOU - there was a loss in the Unit eligible for deduction u/s. 10B and there was a business income in an another Unit. Therefore, while...

The assessee derived profits from an SEZ unit before depreciation. The issue was whether business losses of earlier years should be reduced from eligible profits for...

The ITAT ruled that the assessee is entitled to set off brought forward losses from AYs 2012-13 and 2013-14 against profits earned in AY 2017-18. The Tribunal clarified...

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...

Set off of loss incurred on sale of polished diamond goods against deemed income assessed u/s. 69A - set off against the income declared during the course of search -...

Deduction u/s 35AD and set off u/s 73A against the loss incurred by it in other unit - Loss of assessee on account of a specified business claiming deduction u/s 35AD...

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...

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...

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...

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

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...

Quick Updates: