Deduction sequencing: allowance before set off established, with partner/member exclusion and expanded asset and deposit rules. Amendments require the deduction under section 32AB to be allowed before set off of carried forward losses and exclude that deduction from the income computation of partners or members of firms, associations or bodies of individuals. Definitions for qualifying 'new' assets are broadened to include previously used foreign assets imported into India under specified conditions. Book profit add backs are expanded to a detailed list of items. Deposits are subject to a five year lock in with specific exceptions, and expenditure from those deposits is disallowed for computing business or professional income; utilisation timing under the scheme is made mandatory.
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.
Deduction sequencing: allowance before set off established, with partner/member exclusion and expanded asset and deposit rules.
Amendments require the deduction under section 32AB to be allowed before set off of carried forward losses and exclude that deduction from the income computation of partners or members of firms, associations or bodies of individuals. Definitions for qualifying "new" assets are broadened to include previously used foreign assets imported into India under specified conditions. Book profit add backs are expanded to a detailed list of items. Deposits are subject to a five year lock in with specific exceptions, and expenditure from those deposits is disallowed for computing business or professional income; utilisation timing under the scheme is made mandatory.
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