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Income Tax - Highlights / Catch Notes

Home Highlights January 2016 Year 2016 This

Set off of accumulated losses - Since the order of BIFR is ...

Income Tax

January 24, 2016

Set off of accumulated losses - Since the order of BIFR is inconsistent with the provisions of IT Act as far as setting off of accumulated losses beyond eight years against capital gin are concerned. But still BIFR order will prevail over the inconsistent provisions of IT 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. 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...

  3. 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

  4. 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...

  5. Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

  6. Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

  7. 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...

  8. Business loss cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income - AT

  9. Business loss cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income - AT

  10. Computing MAT liability under the provisions of sec.115JB, deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods - AT

 

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