Contact us   Feedback   Annual Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2015 (6) TMI 100 - DELHI HIGH COURT

2015 (6) TMI 100 - DELHI HIGH COURT - TMI - Set off of losses of the amorphous division against the profit of the other Units - Held that:- The Court after analyzing all the decisions was of the opinion that previous ruling in Tei Technologies (2012 (9) TMI 47 - DELHI HIGH COURT) that set off is impermissible was justified. In these circumstances, the reliance placed by the assessee, upon the aforesaid circular is unpersuasive. Decided in favour of the Revenue.

Set off of the loss cla .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

shi Khanna, Mr Rohan Khare and Ms Akanksha Choudhary, Advs. ORDER ITA 928/2007 1. The question of law framed in this case is as follows: "Whether ITAT was correct in law in confirming the order passed by the CIT(A) and thereby allowing the set off of losses of ₹ 2,46,93,358/- of the amorphous division of the assessee against the profit of the other Units? 2. Brief facts are that the assessee claimed set off of ₹ 2,46,93,358/- relatable to its unit entitled to exemption under Sec .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d by the CBDT. The said circular, inter alia, after noting the previous legislative history of Section 10A/10B and the definition of 'total income' (Section 2(45) of the Income Tax Act) stated as follows:- "5.1 All income for the purposes of computation of total income is to be classified under the following heads of income and computed in accordance with the provisions of Chapter IV of the Act- Salaries Income from house property Profits and gains of business and profession Capital .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the income or loss of the other head in accordance with the provisions of section 71 of the Act. If after giving effect to the provisions of sections 70 and 71 of the Act there is any income (where there is no brought forward loss to be set off in accordance with the provisions of section 72 of the Act) and the same is eligible for deduction in accordance with the provisions of Chapter VI-A or section 10A, 10B etc. of the Act, the same shall be allowed in computing the total income of the assess .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version