Settoff of losses
This query is : Resolved
06 June 2015
I have a two queries
1) Can business loss happen without any turnover during the year. as assessee only incurred expenditure but not earned any income from business.
2) Can Such type of business loss be settoff from Interest income earned during the year.
Kindly give reference of case laws if yes
1) Can business loss happen without any turnover during the year. as assessee only incurred expenditure but not earned any income from business.
2) Can Such type of business loss be settoff from Interest income earned during the year.
Kindly give reference of case laws if yes
06 June 2015
1 Yes business loss happen without any turnover.
2 Such business loss can be set off against interest income earned during the same year.
See the link.
https://www.caclubindia.com/experts/set-off-of-business-loss-agnst-other-source-of-income-int--491395.asp#.VXKT8tKqqko
2 Such business loss can be set off against interest income earned during the same year.
See the link.
https://www.caclubindia.com/experts/set-off-of-business-loss-agnst-other-source-of-income-int--491395.asp#.VXKT8tKqqko
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