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Income Tax - Highlights / Catch Notes

Home Highlights January 2013 Year 2013 This

Segregation of the surrendered income from business income - ...

Income Tax

January 22, 2013

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

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  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. 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

  4. 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...

  5. 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...

  6. Business loss cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income - AT

  7. Business loss cannot be set off against the income assessed under the deeming provisions of section 68, which is not falling under any of the five heads of income - AT

  8. Set-off of losses in share trading - The assessee would not be deemed to be carrying on a speculation business for the purpose of section 73(1) - HC

  9. Nature of unaccounted surrendered income emanating from the seized document - business income OR deemed income u/s 69 - The income is business income relatable to...

  10. 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...

 

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