Home Highlights April 2012 Year 2012 This

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

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. 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...

4. 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...

5. 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...

6. Assessing Officer directed to allow set off of current year's business loss as well as the brought forward business loss/unabsorbed depreciation against the income...

7. Exemption u/s.10A has to be allowed without setting off brought forward unabsorbed losses or depreciation from earlier assessment year or current assessment year either...

8. 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...

9. 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...

10. Exemption u/s. 10A is allwable without set of brought forward business loss and unabsorbed depreciation of non-eligible business unit.

11. Brought forward unabsorbed depreciation and losses of the unit, the income of which is not eligible for deduction u/s 10A of the Act, cannot be set off against the...

12. Set off of unabsorbed depreciation allowances against income under the head salary - losses under the head income from business or profession, including unabsorbed...

13. Set-Off of brought forward unabsorbed depreciation against income from other sources and/or capital gains - CIT(A) has rightly directed the AO to allow the set off of...

14. Set off/ adjustment and carry forward of accumulated losses and unabsorbed depreciation of the demerged company - In the instant case, all the conditions stated in...

15. Unabsorbed business/depreciation loss - carried forward and set off - the legislature has resorted to original provisions by amendment brought in by Finance Act 2001,...