Disallowance of businesses expenditure - previous year begins ...

Income Tax

April 30, 2015

Disallowance of businesses expenditure - previous year begins from the date of setting up of the business. Therefore, it is only after the business is set up that the previous year of that business commences and in that previous year the expenses incurred in the business can be claimed as permissible deductions. - HC

View Source

← Previous Next →

Disallowance of businesses expenditure - previous year begins ...

Income Tax

April 30, 2015

You may also like:

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,...

Disallowance of expenditure - Most importantly, the Tribunal in assessee’s own case for AY 2012- 13 had held that it was not necessary that the business had actually...

Disallowance of loss on reasons of non-set up of business - company has not at all completed set up of the business so as to commercially starts its operation. In such...

Depreciation - asset concerned was not actually used for the purpose of business during the relevant previous year – Disallowance of lay up cost - AT

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...

Disallowance u/s 80IA/80IB - There is no requirement u/s 80IA(5) of the Act to adjust profits derived from the eligible units against the losses that stand absorbed...

Denial of claim of loss or to categorize certain expenses as pre-operative expenses - commencement of business during the year - assessee’s business was ‘set up’ or not...

Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

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...

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...

Quick Updates: