Assessee had shown positive income in the returns, but in the ...

Income Tax

April 30, 2014

Assessee had shown positive income in the returns, but in the assessment, the business loss was determined by the AO – thus, the assessee is entitled for the benefit of carry forward of business loss - AO cannot rectify the assessment u/s 154 - HC

View Source

← Previous Next →

Assessee had shown positive income in the returns, but in the ...

Income Tax

April 30, 2014

You may also like:

Carried forward of loss determined under section 74 read with section 80 - long-term capital loss - As the assessee filed its original return declaring the positive...

Penalty u/s. 271(1)(c) - assessee had wrongly shown the rental income as 'business income' - Even the pertinent fact on the file is that in the immediate preceding...

Business income v/s undisclosed income - If the assessee had shown income u/s.44AD which is presumptive basis for taxation and looking to the nature of bank account...

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...

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....

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...

Loss on sale of land - ‘Business Loss’ or ‘Capital Loss’ - The present land transaction may be the first transaction of the assessee firm but the sister concern of the...

Deduction u/s. 80IB(10) - non filling of return on time - the ITAT held that the return filed beyond the due date cannot claim deduction under section 80IB(10) as per...

Validity of Assessment u/s 153A - in cases where the assessment or reassessment proceedings have already been completed and assessment orders have been passed, which...

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

Agricultural income - When all the documents have been brought on record by the assessee during assessment proceedings but not examined by the AO assessee cannot put...

Validity of assessment u/s 153A - AO would be competent to reopen the assessment proceeding already made and determine the total income of the assessee. The Assessing...

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...

Invalid return - Rejection of refund - mismatch in the figures of income returned and as reported in Form 26AS - Technically speaking, the AO has not passed an order u/s...

Penalty proceedings u/s. 270A for underreporting of income - claim of excessive loss - Since, the assessee has neither claimed any benefit of loss against any other...

Quick Updates: