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Income Tax - Highlights / Catch Notes

Home Highlights May 2017 Year 2017 This

Setting off of indirect income against the operational income / ...

Income Tax

May 20, 2017

Setting off of indirect income against the operational income / trading loss - claiming deduction u.s 80IB - section 71 of the Income Tax Act allows set off of loss from one head against income from another head - AT

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

  2. 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

  3. Computing MAT liability under the provisions of sec.115JB, deduction u/s 80HHC shall be allowed after setting off losses suffered on export of trading goods - AT

  4. Set off of loss incurred on sale of polished diamond goods against deemed income assessed u/s. 69A - set off against the income declared during the course of search -...

  5. 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...

  6. 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...

  7. Claim of deduction u/s 10A of the IT Act,, without setting off of brought forward losses/unabsorbed depreciation allowed - AT

  8. Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

  9. Disallowance of loss of trading in commodity exchange - set off of loss - there is no finding by both the lower authorities challenging the genuineness of the commodity...

  10. Deduction u/s 80IB(11) - no deduction could be allowed on the profits earned on potato trading claimed by the assessee. - AT

 

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