Revision u/s 263 by CIT - setting off of derivative loss against ...

CIT Revision u/s 263 on Derivative Loss Set-Off Against Business Income, Tribunal Ruling in Favor of Revenue.

March 23, 2023

Case Laws Income Tax HC

Revision u/s 263 by CIT - setting off of derivative loss against business income - the Tribunal has not given a specific finding as to how there is no bar under the Income Tax Act for setting off of derivative loss against business income in the facts and circumstances of the case. - Decided the appeal in favor of revenue, matter restored before PCIT - HC

View Source

← Previous Next →

Revision u/s 263 by CIT - setting off of derivative loss against ...

CIT Revision u/s 263 on Derivative Loss Set-Off Against Business Income, Tribunal Ruling in Favor of Revenue.

March 23, 2023

Case Laws Income Tax HC

You may also like:

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...

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...

Set off of the brought forward losses against the income from other sources - Ld. CIT (A) has rightly decided that, “although interest income has been shown as income...

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

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....

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)...

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...

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,...

ITAT ruled that a foreign company with Permanent Establishment (PE) in India can set off PE losses against Foreign Technical Services (FTS) income under section 71 of...

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...

Mode and manner of set off of loss - loss from one head set off against other head of income - business loss should be first set off against income from house property...

Revision u/s 263 by CIT - set off of brought forward business loss from the income assessable under the head 'Capital Gain' - gain of depreciable assets by entering into...

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...

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...

Set off of unabsorbed business loss - set off against Short Term Capital Gain U/s. 50 - income arising out of a sale of business asset though not taxable as profits and...

Quick Updates: