Prior period expenses – even if this expenses are allowed in the ...

Prior Period Expenses Adjusted with Brought Forward Losses; Deduction Allowed, No Significant Impact on Current Year.

October 25, 2013

Case Laws Income Tax AT

Prior period expenses – even if this expenses are allowed in the earlier years i.e. A.Y. 2000-2001, it will ultimately be adjusted in the present year, by way of set off of brought forward loss, and therefore, it will make no difference even if deduction is allowed in the present year - claim allowed - AT

View Source

← Previous Next →

Prior period expenses – even if this expenses are allowed in the ...

Prior Period Expenses Adjusted with Brought Forward Losses; Deduction Allowed, No Significant Impact on Current Year.

October 25, 2013

Case Laws Income Tax AT

You may also like:

The assessee derived profits from an SEZ unit before depreciation. The issue was whether business losses of earlier years should be reduced from eligible profits for...

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...

Disallowance of interest and financial expenses was not justified as the appellant paid interest and financial expenses to State Bank of India, Overseas Branch,...

Assessment post amalgamation - brought forward losses post amalgamation - we allow the adjustment of brought forward business loss against the current year’s business...

Carry forward of unabsorbed long term capital loss - As the claim of the assessee is in accordance with the scheme of the Act viz. firstly allowing relief u/s.54EC while...

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....

MAT u/s 115JB - The findings of the ld.CIT(A) holding the impugned expenses to be not in the nature of prior period expenses, but confirming the adjustment made to the...

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

Relief to start-ups in carrying forward and setting off of losses - Relaxation in 51% holding of shares for the purpose of carry forward of losses of eligible star-up...

Prior period expenses adjustment against the prior period income - once the prior period income is held to be taxable, the prior period expenditure also should be...

Set off of loss brought forward losses - conditions of 51% shareholding - the assessee is not seeking carry forward of losses to be set off but the assessee is seeking...

The ITAT ruled that the assessee is entitled to set off brought forward losses from AYs 2012-13 and 2013-14 against profits earned in AY 2017-18. The Tribunal clarified...

Once the assessee exercises the option of claiming deduction from a particular assessment year, then only losses of the years beginning from initial assessment year...

Disallowance of prior period expenses - Deduction of TDS in the current year - it is settled law that deduction can be permitted in respect of only those expenses which...

Computation of profit u/s 115JB - scope of MAT provisions - inclusion/ exclusion of profits of sick industrial company -Such positive Book-Profits start arising to the...

Quick Updates: