| |
| The Tax Publishers2020 TaxPub(DT) 1672 (Mum-Trib) : (2020) 183 ITD 0682 : (2020) 207 TTJ 0804 INCOME TAX ACT, 1961
Section 71(2A)
From the language used in provisions of section 71(2A) and explanatory memorandum to Finance (No.2) Act, 2004, it is very clear that any losses under the head income from business or profession including unabsorbed depreciation, if any, cannot be allowed to be set off against income assessable under the head salaries.
|
Loss - Set off - Allowability - Assessee claimed set-off of losses under the head business and profession against income from salaries
Assessee claimed set-off of losses under the head business and profession against income from salaries. AO denied this.Held: From the language used in provisions of section 71(2A) and explanatory memorandum to Finance Act, 2004, it is very clear that any losses under the head income from business or profession including unabsorbed depreciation, if any, cannot be allowed to be set off against income assessable under the head salaries.
Followed:Dy. CIT v. Time Guaranty Limited 4 ITR 210. Distinguished:V. Laxmanan v. ITO in ITA No.198/Mad/2010.
REFERRED :
FAVOUR : Against the assessee.
A.Y. :
IN THE ITAT, MUMBAI BENCH
G. MANJUNATHA, A.M. & RAM LAL NEGI, J.M.
 SUBSCRIBE FOR FULL CONTENT
|