Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Carried forward depreciation and loss - A decision recorded by ...


Taxpayer Not Bound by IT Officer's Decision on Loss Carryforward; Previous Year Loss Not Set Off in Future.

May 27, 2016

Case Laws     Income Tax     AT

Carried forward depreciation and loss - A decision recorded by the Income-tax Officer who computes the loss in the previous year that the loss cannot be set off against the income of the subsequent year is not binding on the assessee - AT

View Source

 


 

You may also like:

  1. 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...

  2. Set off of brought forward loss against Long Term Capital Gain (LTCG) - AO was of the view that since the LTCL no longer exist in books of account, it cannot be set off...

  3. 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...

  4. 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...

  5. Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

  6. MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

  7. 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...

  8. The assessee was entitled to set off brought forward losses from assessment years 2021-22 and 2022-23 against income in assessment year 2023-24, even if the return for...

  9. Incorrect set off of brought forward business loss and unabsorbed depreciation - The working of the Ld. AO contains the mistakes as they are not in consonance with the...

  10. ITAT ruled that a foreign company with Permanent Establishment (PE) in India can set off PE losses against Foreign Technical Services (FTS) income under section 71 of...

  11. MAT Computation u/s 115JB - The amount of losses incurred by the assessee for the previous year’s 2012-13 and 2011-12 should be set off against the future income in the...

  12. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

  13. Block Assessment - Set off or carry forward of loss for p/y years from the undisclosed income determined during Search - It is clear that in computing the total income...

  14. The ITAT ruled that the assessee is entitled to set off brought forward losses from AYs 2012-13 and 2013-14 against profits earned in AY 2017-18. The Tribunal clarified...

  15. 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...

 

Quick Updates:Latest Updates