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Querist : Anonymous

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Querist : Anonymous (Querist)
04 November 2010 respected sir,
plz explain the difecincy treatment from special bussiness under 44A with connec
tion to 28(iii).


regards,
pavani.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
06 November 2010 If any deficiency arises from speceial business , as per sec 44A, be allowed as a deduction in computing the income of the association assesseble for the relevant AY under the head profits and gain of B/F and if there is no income assessable under that head or deficiency allowable exceeeds such income, the whole or the balance of the defieciency , as the case may be , shall be allowed as a deduction in computing income of the association assessable for the the relevant AY under any other head.
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