Case Law Details
Case Name : Alapatt Jewellers Vs DCIT (Kerala High Court)
Related Assessment Year : 2023-24
Courts :
All High Courts Kerala High Court
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Alapatt Jewellers Vs DCIT (Kerala High Court)
Kerala High Court held that depreciation allowance is deemed to be business loss for section 71 and 72 and can be set off only against profits or gains of business and not against income from any other sources.
Facts- The petitioner is an assessee under the Income Tax Act, 1961. For the assessment year 2023 – 2024, the petitioner filed its return of income, which was processed under Section 143(1) of the 1961 Act. According to the petitioner, though it had claimed a carry forward loss of Rs.1,14,60,832/-, only an amount of Rs.21,71, 999/- was all...
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Author Bio
Isn’t this decision per incuriam?
Appears that the Apex Courts decision in virmani industries is not brought to the notice of the honble HC