Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Section 10B requires separate computation of export profits for each eligible software-export undertaking only to quantify the deduction. That separate computation does not alter the undertaking's profit or loss for computing combined income, nor does it displace the normal rules for inter-source and inter-head set-off and carry forward of losses. Losses of a Section 10B-eligible undertaking may therefore be set off against profits of other undertakings, with any unabsorbed balance carried forward in accordance with law. The contrary denial of set-off was set aside.
Section 10B requires separate computation of export profits for each eligible software-export undertaking only to quantify the deduction. That separate computation does not alter the undertaking's profit or loss for computing combined income, nor does it displace the normal rules for inter-source and inter-head set-off and carry forward of losses. Losses of a Section 10B-eligible undertaking may therefore be set off against profits of other undertakings, with any unabsorbed balance carried forward in accordance with law. The contrary denial of set-off was set aside.
Note: It is a system-generated summary and is for quick reference only.
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