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Income Tax - Highlights / Catch Notes

Home Highlights October 2019 Year 2019 This

Even in the event of addition being made u/s. 68 in the set ...

Income Tax

October 22, 2019

Even in the event of addition being made u/s. 68 in the set aside proceedings, the assessee should be given the benefit of set off of current year’s business loss against the addition u/s. 68 of the Act.

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  1. Addition made in the book profit u/s 115JB - claim of interest capitalized in earlier years written off during the current year - creation of provision for employee...

  2. Set-off of current year losses against the addition made u/s 68 - going through sub-Section (2) of Section 115BBE of the Act, the words “set off of any loss” appearing...

  3. 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...

  4. Unexplained cash credit u/s 68 - share application money - amount was received during the earlier years - entries made during the current year for converting deposits...

  5. Unexplained Credit – Addition u/s 68 - Additin where fixed deposits taken during the earlier years - fixed deposits renewed during the year - No addition during the...

  6. Addition u/s 68 - maturity proceeds of FDRs, alleging unexplained cash credits - In this regard, assessee submits a copy of the bank certificates issued by the Dena Bank...

  7. 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...

  8. The brought forward business loss is to be allowed set off of against the speculation income assessable for the current year - AT

  9. Disallowance of loss on Joint Venture in USA which was written off during the year by the appellant - AO directed to delete the additions.

  10. 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...

 

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