Adjustment of loss
This query is : Resolved
22 September 2016
The company has Loss under the head Business of Rs. 3,00,00,000 and during Scrutiny Assessments under section 143(3) of income tax an addition of Rs. 1,00,00,000 has been made as income under head other sources
I want to ask whether such loss can be adjusted against such addition
Please guide me with reference
I want to ask whether such loss can be adjusted against such addition
Please guide me with reference
23 September 2016
If the business loss is of current year only for which the scrutiny has been made , then the same can be adjusted with income under the head other sources. However, if it is the brought forward loss the same can not be adjusted but will be carried forward to remaining no. of years(8 years in total).
However, if the addition is made under Section 68,69,69A etc. then no loss would be adjusted against such income. However, it is a matter of litigation and various Tribunals/Courts have different views on the same.
However, if the addition is made under Section 68,69,69A etc. then no loss would be adjusted against such income. However, it is a matter of litigation and various Tribunals/Courts have different views on the same.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- Difference between Date of Payment and Date of Deduction?
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ADDITION OF CHALLAN IN TDS RETURN FORM 140
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
