Register Daily Newsletters My Bookmarks My Queries (D. Forum) My Replies (D. Forum) My Articles My Inbox (PM) Feedback/ Suggestions
Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding

   For Sales / Support:
WhatsApp WhatsApp 9911796707
Case Laws Acts Notifications Circulars Classification Forms Manuals Articles News D. Forum Highlights Notes
TMI - e-Newsletter     TaxTMI    Revised ITR-3 Form Introduced for AY 2025-26,...     TaxTMI    SEBI Amends Stock Exchange Rules: Cooling-Off...     TaxTMI    Customs Mutual Administrative Assistance Expanded:...     TaxTMI    RBI Extends Diamond Dollar Account Qualification...     TaxTMI    Firm's Multi-State Registration Sparks Legal...     TaxTMI    Technical Filing Glitch Overturned: GST Appeal...     TaxTMI    Government Revokes Import Duty Exemptions Under...     TaxTMI    New Income Tax Rules 2025 Simplify Return Filing...     TaxTMI    GST Notifications on COVID-19 Deadline Extensions...     TaxTMI    Gold and Silver Import Regulations Updated: 13...     TaxTMI    Government Clarifies Tax Treatment for Co-Insurance...     TaxTMI    Procedural Flaws Invalidate GST Tax Order, Restore...     TaxTMI    GST Registration Cancellation Upheld: Failure to...     TaxTMI    Contractual Delay Penalties Upheld: Liquidated...     TaxTMI    Tax Liability After Death: Section 93 Requires...     TaxTMI    Latest Case-Laws     TaxTMI    Latest Notifications + Circulars     TaxTMI    GST Council Decisions     TaxTMI       Right Stop
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights April 2017 Year 2017 This

Forex losses are business losses and related to pre search ...


Forex Losses as Business Losses Can Be Offset Against Surrendered Income Per Section 70(1) of Income Tax Act.

April 10, 2017

Case Laws     Income Tax     AT

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

View Source

 

← Previous Next →

 

You may also like:

  1. Forex loss - allowable business loss u/s 37(1) or not? - The assessee company has entered into transactions of buying and selling of forex and incurred a loss on the...

  2. Rectification proceedings u/s. 154 - Unexplained investment addition u/s 69 - The case involved the treatment of surrendered undisclosed income under the head of...

  3. Segregation of the surrendered income from business income - surrendered income can be taxed as deemed income without setting off of the losses u/s 70 & 71 - HC

  4. This case deals with the penalty u/s 271(1)(c) of the Income Tax Act, imposed for disallowance of losses on forex derivatives treated as speculative losses and...

  5. Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

  6. Disallowance of foreign exchange fluctuation loss on sale proceeds held in the EEFC account - ITAT deleted addition - The High Court, after considering the arguments...

  7. The appellant trust claimed to be formed for public charitable activities and registered under the Rajasthan Public Trust Act 1959, regularly filing its income tax...

  8. Disallowance of the set off of the business loss with surrendered income - the surrendered income, in respect of which the entries had already been made in the books of...

  9. Income tax liability of employees - Remission of income tax liability borne on behalf of the employees - it is also possible that earlier years the assessee has not...

  10. Treatment of income surrendered during the survey - income subject to special rate of tax OR Business income - provisions of section 115BBE without allowing set off of...

  11. Set off of brought forward business loss against income from other sources - As provision of section 72 are very clear that brought forward business loss can only be set...

  12. 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...

  13. Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

  14. Higher rate of tax @60% u/s 115BBE - though the alleged surrendered income is a business income but since assessee being individual having no limitation of earning...

  15. Nature of unaccounted surrendered income emanating from the seized document - business income OR deemed income u/s 69 - The income is business income relatable to...

 

Quick Updates:Latest Updates

What's New:
    Latest Case Laws
What's New:
    Latest Notifications
What's New:
    Latest Circulars
F: GST Compliance for Multi-Office Companies: Navigating Input Tax Credit...
F: Incorrect Export Sales Reporting: Taxpayer Must Amend GSTR-1, Match Sh...
F: Company Wins GST Appeal on Employee Food Coupons, Seeks Re-Credit of P...
F: Navigating GST Compliance for Multi-State Corporate Rent Invoices: Str...
H: Revised ITR-3 Form Introduced for AY 2025-26, Updating Income Tax Fili...
H: SEBI Amends Stock Exchange Rules: Cooling-Off Periods for Directors In...
H: Trustees Now Required to Disclose Litigation and Debt Instrument Risks...
H: Customs Mutual Administrative Assistance Expanded: New Zealand and Mad...
H: RBI Extends Diamond Dollar Account Qualification Period from 2 to 3 Ye...
T: Carbon Credit Income Now Taxed at 10% Flat Rate, Disallowing Deduction...
T: Innovative Patent Royalty Tax Cut: 10% Rate for Indian-Developed Paten...
T: Unexplained Income Tax Rule Imposes 60% Levy, Blocks Deductions to Pre...
T: New Tax Rules Limit Anonymous Donations for Non-Profits, Requiring Tra...
A: Landmark Ruling: GST and Customs Arrest Powers Require Substantive Evi...
A: Tax Authorities Granted Five-Year Window for Assessment Under CGST Act...
A: Electronic Appeals and Digital Proceedings: GSTAT Streamlines Tax Disp...
A: Digital Transformation of NGO Tax Exemptions: Simplified 10A/10AB Regi...
A: Used Oil Recycling Mandate Requires Producers to Collect, Recycle, and...
A: Spotify Wins Trademark Battle Against 'Potify' App, Blocking Registrat...
A: Battery Producers Must Implement Comprehensive Waste Collection, Recyc...
A: Used Oil Waste Management in India: Comprehensive Legal Framework Bala...
A: India's Plastic Waste Management Rules Mandate Extended Producer Respo...
A: Manufacturers Must Collect and Recycle Vehicle Tyres Under New Extende...
A: Traffic Fine Disputes in India: Empowering Citizens to Challenge Wrong...
A: E-Waste Management in India: Comprehensive Regulatory Framework Promot...
H: Firm's Multi-State Registration Sparks Legal Scrutiny: GST Appeal Proc...
H: Technical Filing Glitch Overturned: GST Appeal Reinstated After Manual...
H: Landmark GST Ruling: Petitioners Win Right to Retroactive ITC Refund R...
H: High Court Quashes Demand Orders for Procedural Irregularities, Mandat...
H: Tax Notifications Upheld: Administrative Order Stands, Petitioner Reta...