Home Highlights March 2015 Year 2015 This

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1. 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...

2. 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...

3. 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

4. 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...

5. 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...

6. 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...

7. TPA - income of section 10A unit has to be excluded at source itself before arriving at the gross total income, hence, question of setting off of loss against such...

8. 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...

9. Unexplained investment u/s 69 - surrender of income - provisions u/s 115BBE - no set off of loss u/s 69 - CBDT has clarified that, the Board is of the view that since...

10. Disallowance u/s 80IA/80IB - There is no requirement u/s 80IA(5) of the Act to adjust profits derived from the eligible units against the losses that stand absorbed...

11. Set off of business loss - STP unit against Non-STP unit – loss from an ineligible unit can be carried forward and set off against the profits of eligible unit or...

12. Rejection of claim of set off of loss incurred by the appellant in 100% Export Oriented Unit as eligible for exemption u/s 10B - alleged loss was claimed as set off...

13. Set off of losses of the amorphous division against the profit of the other Units - the loss making unit claimed benefit under Section 10A whereas the Mumbai Unit was...

14. 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 -...

15. Unaccounted income over and above the regular income registered in the books of account - There is no dispute that assessee was engaged for development of project of...