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Income Tax - Highlights / Catch Notes

Home Highlights March 2012 Year 2012 This

Brought forward and Setoff of business expenditure and business ...

Income Tax

March 13, 2012

Brought forward and Setoff of business expenditure and business loss against “Income from House Property“ when business has already closed in earlier year - Section 71 - adjustment allowed - HC

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  1. 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...

  2. Amalgamated company is entitled to set off and carry forward the brought forward business losses and unabsorbed depreciation of the amalgamating company from the very...

  3. 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...

  4. 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...

  5. Exemption u/s. 10A is allwable without set of brought forward business loss and unabsorbed depreciation of non-eligible business unit.

  6. Rental income - income/loss from the multiplex is liable to be assessed as ‘business income/loss and not as income from house property. - 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. Set off of brought forward business loss and unabsorbed depreciation - denial - invocation of provisions of Section 79 - change in shareholding - AT

  9. 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

  10. Assessment post amalgamation - brought forward losses post amalgamation - we allow the adjustment of brought forward business loss against the current year’s business...

 

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