Home Highlights July 2012 Year 2012 This

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1. Set off of brought forward business loss - mistakes in previous years for not claiming benefit of set-off - 8 years time limit provided in the statute - The ITAT found...

2. Set off of current year business loss against foreign dividend income - levy of tax u/s 115BBD on gross foreign dividend income - assessee would be entitled for set off...

3. Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

4. Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

5. 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...

6. Period of limitation for carrying forward of Unabsorbed depreciation loss prior to assessment year - once the Circular No.14 of 2001 clarified that the restriction of 8...

7. Disallowance of businesses expenditure - previous year begins from the date of setting up of the business. Therefore, it is only after the business is set up that the...

8. Set-off of carried forward depreciation - When such claim could not have been made u/s 32(1), then there is no question of any carry forward of such depreciation for...

9. Carry forward of the depreciation loss - once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed...

10. Amendment of section 44AD. - computing profits and gains of business on presumptive basis - where an assessee declares profit for any previous year in accordance with...

11. Insertion of new Chapter XII-BC- Foreign company said to be resident in India - where a foreign company is said to be resident in any previous year and such foreign...

12. Revision u/s 263 - depreciation set off claim - in order to avail Section 32(2) depreciation claim, it is not necessary that the business carried on in the following...

13. 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...

14. Set off of business loss against interest income taxable under the head income from other sources - as the assessee has not carried out any business activity during the...

15. Set off of loss brought forward losses - conditions of 51% shareholding - the assessee is not seeking carry forward of losses to be set off but the assessee is seeking...