Home Highlights July 2013 Year 2013 This

You may also like:

1. 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...

2. 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...

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. Set off of unabsorbed business loss - set off against Short Term Capital Gain U/s. 50 - income arising out of a sale of business asset though not taxable as profits and...

5. Setting up of business during the year under consideration - Assessee having invested substantial amount in the purchase of another property in the year itself, thus,...

6. Disallowance being pre-operative expenses on the reason that date on which VAT license was obtained was the date of commencement of business and not the date of...

7. 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...

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

10. As per section 72(2), unabsorbed business loss is to be first set off and thereafter unabsorbed depreciation treated as current years depreciation u/s 32(2) is to be set...

11. Disallowance of expenditure claimed under the head "Business" - proof of commencement of business - the generation of actual business income was not an essential element...

12. Set off of business losses - The expression “any“ business clearly includes all businesses, without making any distinction between speculation and non-speculation...

13. Bad debts - Disallowance of advance/balance written off claimed as deduction - the amount advanced by the assessee company to commission agent, for the purchase of...

14. Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

15. Availment and setting off of Input tax credit (ITC) - purchases of demo vehicles - car dealer - The demo vehicles are purchased all along for further supply with the...