Set Off of Losses judiciary-2

Speculation Profit can be set off against carried forward speculation losses first

Commissioner of Income-tax, Delhi-VIII Vs Ashok Mittal (Delhi High Court)

First to setting-off the carry forward speculative losses against the speculative profit and then set-off the business losses to the extent of the balance speculation profit and other income. ...

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Deduction U/s. 10A of the Income Tax Act is allowable without set off of losses of non-eligible units

Scientific Atlanta Vs. ACIT (ITAT Chennai)

In respect of AY 2003-04, the assessee had an unit in Chennai which was engaged in software development and whose profits were eligible for deduction u/s 10A. The assessee had another unit in Delhi which was engaged in trading and had suffered a loss. The assessee claimed that it was eligible for a deduction u/s 10A...

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Income under each head has to be computed only after considering the income from various sources under the same head

Aayojan Investments Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)

11 If we go to the facts of the case the business loss returned by the assessee to the extent it could not be set off was in fact carried forward and while computing the gross total income the income under the head business was nil but in fact the assessee has incurred the net business loss aggregating to Rs.21,22,545/ -. The Hon'ble High...

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