Reduction of carried forward losses: declarant may include tax or carry reduced loss, triggering tax and interest consequences. Rule 9 allows a declarant whose carried forward loss or unabsorbed depreciation is reduced to either include tax (with surcharge and cess) on the reduction in the disputed tax and retain the original carry forward amount, or to carry forward the reduced amount; if the latter is chosen the declarant must pay tax (with surcharge and cess) and interest arising from carrying forward the reduced amount. The written down value shall not be increased by the reduction. Different fractions/multipliers apply for computing the reduced amount in non-eligible and eligible search cases, and excess in certain eligible-search calculations is ignored.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reduction of carried forward losses: declarant may include tax or carry reduced loss, triggering tax and interest consequences.
Rule 9 allows a declarant whose carried forward loss or unabsorbed depreciation is reduced to either include tax (with surcharge and cess) on the reduction in the disputed tax and retain the original carry forward amount, or to carry forward the reduced amount; if the latter is chosen the declarant must pay tax (with surcharge and cess) and interest arising from carrying forward the reduced amount. The written down value shall not be increased by the reduction. Different fractions/multipliers apply for computing the reduced amount in non-eligible and eligible search cases, and excess in certain eligible-search calculations is ignored.
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