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Income Tax - Highlights / Catch Notes

Home Highlights November 2015 Year 2015 This

Depreciation of earlier year was not allowed to be set off ...

Income Tax

November 14, 2015

Depreciation of earlier year was not allowed to be set off against the income offered as unexplained cash deposit made in the account of axis bank - CIT(A) is justified in disallowing set off of unabsorbed depreciation from earlier years against income from other sources - AT

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  1. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

  2. Allowance of deduction u/s 80IA - the unabsorbed depreciation set off in earlier years cannot be reduced from the profits for computing the deduction u/s 80IA - AT

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  4. Depreciation to be carried forward allowed - carry forward and set off against the profits and gains of subsequent years, without any limit whatsoever allowed - AT

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  6. Deduction u/s 10B - Here in the case in hand, the total income was first arrived at by the Revenue through the AO in the Assessment Order by computing the total income...

  7. Setting off the brought forward unabsorbed depreciation against the Income from House Property - effect must be given to Section 32(2) of the Act for that assessment...

  8. 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...

  9. Claim of set off of unabsorbed depreciation against the rental income treated as income from other sources – discontinued activity - set off allowed - AT

  10. Disallowance on account of setting of STCG against depreciation - carry forward of unabsorbed depreciation - set off allowed.

 

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