Business Loss was set off against Short Term Capital Gain in an Infrastructure Company for the Assessment Year 2013-14. Can the Company now claim deduction under section 80IA inspite of business loss as there is net taxable income.
Business Loss was set off against Short Term Capital Gain in an Infrastructure Company for the Assessment Year 2013-14. Can the Company now claim deduction under section 80IA inspite of business loss as there is net taxable income.
As per section 80 IA(1), where gross total income of an assessee includes profits and gains derived by an undertaking from an eligible business then only deduction will be allowed. Therefore, deduction u/s 80 IA cannot be claimed by the company.
You can claim deduction u/s 80 only after set off of brought forward loss and liable for AMT.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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