Revision u/s 263 by CIT - set off of the brought forward ...

CIT's Section 263 Revision: Assessee Rightfully Sets Off Non-Speculative Business Loss Against Speculative Profit u/ss 72 & 73.

April 16, 2022

Case Laws Income Tax AT

Revision u/s 263 by CIT - set off of the brought forward "non-speculative business loss" against the "profit of speculative business" - provisions of section 72 and 73, which fall under the Chapter VI - assessee was justified in claiming set off of the brought forward "non-speculative business loss" against the "profit of speculative business" and the Ld. AO has allowed the same, which is very much in accordance with the provisions of the Act. - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - set off of the brought forward ...

CIT's Section 263 Revision: Assessee Rightfully Sets Off Non-Speculative Business Loss Against Speculative Profit u/ss 72 & 73.

April 16, 2022

Case Laws Income Tax AT

You may also like:

Addition u/s 43(5) - Loss in commodity derivatives trading business was non-speculative - Reading clause (e) of the first proviso to section 43(5), and sections 70(1)...

Revision u/s 263 - set off of loss in speculation business against business income - In the present case, the principle business of the assessee is trading in shares....

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...

Disllowance of set off of losses - as derivate trading itself is treated as a non- speculative business, and losses of any non- speculative businesses can be adjusted...

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

Set off of brought forward non speculative loss against the current years speculative income - Set off of loss from one head against income from another - there is no...

Jobbing and arbitrage - The loss sustained by the assessee is a business loss which can be set off against the income from the other sources. Therefore, the prohibition...

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...

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...

Set off of business losses - The expression “any“ business clearly includes all businesses, without making any distinction between speculation and non-speculation...

Loss incurred by the assessee on F & O (Future and Options) derivative transactions - “speculative loss” or not - disallowing the set off of the said loss against other...

Disallowing the NCDEX Trading Loss - Speculation Loss - It is not in dispute that the assessee's transactions in agricultural commodity derivative were otherwise...

Nature of loss - commodities transactions - Addition made u/s 43(5) - speculative loss or business loss - CIT(A) rightly concluded that all the transactions undertaken...

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...

The High Court held that once the provisions of Section 43(5) were amended to treat trade in derivatives carried out on a recognized stock exchange as a non-speculative...

Quick Updates: