Income Tax : The issue relates to restrictions on adjusting losses against specific incomes. The rules clearly prohibit set-off against gamblin...
Income Tax : The issue concerns treatment of carried-forward losses when post-merger conditions are breached. The law provides that such benefi...
Income Tax : Losses computed under the earlier law can be carried forward under the new Act. However, eligibility depends strictly on complianc...
Income Tax : Learn the rules for set off and carry forward of income tax losses in India. Covers intra-head and inter-head adjustments, restric...
Income Tax : An overview of India's tax provisions for set-off and carry forward of losses, covering key sections, conditions, and anti-abuse r...
Income Tax : Income tax is a tax on income earned by a taxpayer in a given year. However, activity of a taxpayer may not always result in incom...
Income Tax : The Tribunal held that once the return is accepted as valid under Section 139(1), denial of carry forward loss on belated filing g...
Income Tax : The Court ruled that a marginal eight-minute delay in filing the return could not justify denial of loss carry forward. The order ...
Income Tax : The court ruled that invoking an inapplicable statutory provision vitiates revision. Proper identification of the governing sectio...
Income Tax : The ITAT Delhi heard an appeal from Kamal Kant, whose set-off of non-speculative business losses from Futures & Options (F&O) agai...
Income Tax : The ITAT in Kolkata ruled that tax claims cannot be denied on technicalities when documentation is on record. The case of Ambika M...
Intra-head adjustment allows taxpayers to set off losses from a specific source against income from the same head. For instance, loss from one business can be adjusted against profit from another business.
Detailed analysis of the ITAT Kolkata ruling in favor of Kippy Engineering Pvt Ltd, where the tribunal deleted an addition made from losses in derivative trading adjusted with business income.
Time period for carrying forward and setting off of losses of eligible start-ups is increased from 7 years to 10 years from incorporation date
Shivdham Industries P. Ltd Vs DCIT (ITAT Guwahati) It has been stated before us by the ld. Counsel for the assessee that in the return of income filed in Form no. ITR-6 in Schedule CFL, the assessee has furnished ‘details of loss to be carried forward to future years’ totaling to Rs. 82,89,050/- which included […]
ITAT held that unabsorbed business losses can be set off against any income from business, be it speculative or otherwise.
Heera Kerala Developers Pvt. Ltd. Vs ACIT (ITAT Cochin) After hearing the rival submissions we observe from the assessment order passed under Section 143(3) of the Act that there was an addition made by the AO under Section 68 of the Act to the tune of Rs.71,66,000/-which has been set off from the returned loss […]
C. Krishniah Chetty & Co. Pvt. Ltd. Vs ITO (ITAT Bangalore) The grounds raised by the assessee, are only seeking set off of current year loss against income from house property and carry forward of loss to the future years amounting to Rs.76,26,766/-. The Ld.AR vehemently submitted that, the assessee incurred expenses in terms of […]
Learn about carry forward and set off of losses in case of closely held companies under Section 79. Understand the conditions for carrying forward losses and make informed financial decisions.
Carry Forward and Set Off of Accumulated Business Losses and Unabsorbed Depreciation in Certain Cases of Amalgamation, Demerger, Re-organisation of business & Conversion of a company into LLP
Held that the carry forward of business loss cannot be denied to the assessee merely on the ground that the statutory audit/tax audit was not completed within the prescribed period.
