The ITAT considered the issue of set off of carried forward ...

ITAT reviewed set off of losses vs. profits due to shareholding change. Section 79 dispute clarified - not for unabsorbed depreciation. AO to verify for future set off.

Case Laws Income Tax

June 29, 2024

The ITAT considered the issue of set off of carried forward losses against current year profit due to a change in shareholding. Section 79 application was disputed, with the assessee arguing it pertains only to business loss, not unabsorbed depreciation. Legal precedent, including a Supreme Court ruling, clarified that section 79 does not cover unabsorbed depreciation. The ITAT directed the AO to verify if the losses in question include unabsorbed depreciation for set off against future profits. The appeal was allowed with this condition.

View Source

← Previous Next →

The ITAT considered the issue of set off of carried forward ...

ITAT reviewed set off of losses vs. profits due to shareholding change. Section 79 dispute clarified - not for unabsorbed depreciation. AO to verify for future set off.

Case Laws Income Tax

June 29, 2024

You may also like:

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...

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...

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

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...

Set off of derivative loss against derivative profit - speculative loss or not - the derivative transaction is not supported or backed by deliverable commodity - The...

Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

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 losses against income from STP units - the loss from other business activities should not be set off against profits derived from eligible industrial undertaking - AT

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...

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...

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 -...

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...

Carry forward and set off of losses - the status of the company was “closely held company”, i. e. , a company in which public is not substantially interested, when the...

Quick Updates: