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Income Tax - Highlights / Catch Notes

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Disallowance of the set off of the business loss with ...

Income Tax

August 7, 2021

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 accounts of the assessee in relation to the property income from property dealing, amount to business income and it allows the set off of the business loss - 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. Disallowance u/s 14A - Carry forward of business loss – setting off carry forward business losses now depends on the finality of the addition made by Assessing Officer...

  4. 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

  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. Disallowance of set-off loss on derivative trading - can not be held as loss from speculation business, simply because procedural mechanism has taken a long time to...

  7. Disallowance of commodity derivative loss - speculative loss or not - Assessee is engaged in one and only business of derivative trading in different commodity exchanges...

  8. 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...

  9. Set off of losses against income from STP units - the loss from other business activities should not be set off against profits derived from eligible industrial undertaking - AT

  10. 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

 

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