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Income Tax - Highlights / Catch Notes

Home Highlights June 2016 Year 2016 This

Priority of Adjustment of business loss against the Long Term ...

Income Tax

June 15, 2016

Priority of Adjustment of business loss against the Long Term Capital Gains and interest income - Section 71 does not states that the business loss has to be adjusted first with particular head of income. - AT

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  2. Set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land allowed.

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  6. Assessee has rightly claimed short term capital loss which is eligible to be set off against long term capital gain and the impugned transaction is neither “sham” nor...

  7. Revision u/s 263 by CIT - set off of brought forward business loss from the income assessable under the head 'Capital Gain' - gain of depreciable assets by entering into...

  8. Set off of brought forward business loss and brought forward long term capital loss - capital gains computed u/s 50 is be deemed to be short-term capital gains and this...

  9. Revision u/s 263 by CIT - Wrong claim of carry forward of long term capital loss - the long term capital gain, which is exempted under section 10(38) of the Act, would...

  10. Long Term Capital Gain on relinquishment from utilization of business know-how - prior to 1st April 2003 such a payment is to be treated as capital receipt not liable for tax - AT

 

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