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Income Tax - Highlights / Catch Notes

Home Highlights July 2012 Year 2012 This

Addition on account of surrender of income - set off the ...

Income Tax

July 18, 2012

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

  3. 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

  4. 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...

  5. Income surrendered during survey - whether is to be taxed u/s 69-A - whether set off losses u/s 70 and 71 is not permissible against such income? - Merely because an...

  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. 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...

  8. 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...

  9. Revision u/s 263 - business loss cannot be set off against other sources as per sec.71 - there is a divergent view on the issue of set off of business loss out of...

  10. 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 -...

 

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