Home Highlights April 2016 Year 2016 This

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1. 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

2. 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...

3. Trading on MCX - Speculative loss - set off against the business income - section 43(5)(c) - the transactions in nature of jobbing not to be treated as speculative...

4. Forex losses are business losses and related to pre search period - allowed to be set off u/s 70(1) with the income surrendered during search - AT

5. 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

6. Set off of business loss against the income added by the AO u/s.69A allowed - AT

7. The brought forward business loss is to be allowed set off of against the speculation income assessable for the current year - AT

8. Addition on account of surrender of income - set off the surrendered income against business losses – allowed as per provisions of section 71 & 72 - AT

9. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

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...