Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The ITAT considered the issue of set off of carried forward losses against current year profit due to a change in shareholding. Section 79 application was disputed, with the assessee arguing it pertains only to business loss, not unabsorbed depreciation. Legal precedent, including a Supreme Court ruling, clarified that section 79 does not cover unabsorbed depreciation. The ITAT directed the AO to verify if the losses in question include unabsorbed depreciation for set off against future profits. The appeal was allowed with this condition.
The ITAT considered the issue of set off of carried forward losses against current year profit due to a change in shareholding. Section 79 application was disputed, with the assessee arguing it pertains only to business loss, not unabsorbed depreciation. Legal precedent, including a Supreme Court ruling, clarified that section 79 does not cover unabsorbed depreciation. The ITAT directed the AO to verify if the losses in question include unabsorbed depreciation for set off against future profits. The appeal was allowed with this condition.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4828 
Join Channel 
