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Income Tax - Highlights / Catch Notes

Home Highlights April 2014 Year 2014 This

Set off of business loss - STP unit against Non-STP unit – loss ...

Income Tax

April 14, 2014

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 ineligible unit in accordance with the provisions of the Act - AT

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  1. 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

  2. The deduction under section 10A in respect of the allowable unit under section 10A has to be allowed before setting off brought forwarded losses of a non-section 10A unit - AT

  3. 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...

  4. Whether loss of unit entitled to deduction under Section 10-B be set off against business profits earned by the assessee - Held Yes - HC

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

  6. 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...

  7. Set off of loss suffered in a unit entitled for exemption under Section 10B against income from any other unit not eligible for such exemption - not allowed - HC

  8. Entitlement to set off the brought forward business loss against the rental income, car and computer hire charges and the commission income - set off allowed - HC

  9. 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...

  10. Disallowance u/s 14A - Carry forward of business loss – setting off carry forward business losses now depends on the finality of the addition made by Assessing Officer...

 

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