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Income Tax - Highlights / Catch Notes

Home Highlights April 2017 Year 2017 This

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

Income Tax

April 10, 2017

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

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  1. 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

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

  3. 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...

  4. Exemption u/s 10B - 100% EOU - there was a loss in the Unit eligible for deduction u/s. 10B and there was a business income in an another Unit. Therefore, while...

  5. Claim of set off against the surrendered income - in case, the surrendered amount is treated as an income from business, then assessee is entitled to get set off - HC

  6. 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)...

  7. 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

  8. Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

  9. 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...

  10. 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...

 

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