Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain. However, after adjusting the capital gains of the year against the brought forward short term capital loss and claiming deduction u/s 80 returned the taxable income at ‘nil’ with carry forward business loss - Action of the assessee confirmed.
Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain. However, after adjusting the capital gains of the year against the brought forward short term capital loss and claiming deduction u/s 80 returned the taxable income at ‘nil’ with carry forward business loss - Action of the assessee confirmed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
