Income u/s 68 of the Income Tax Act cannot offset past business losses; disallowed expenses can be set off.

Income u/s 68 of the Income Tax Act cannot offset past business losses; disallowed expenses can be set off. https://www.taxtmi.com/highlights?id=14079 Income assessable u/s 68 cannot be assessed under any particular head of income including income from other sources u/s 56 - Therefore, this addition cannot be set off against business losses computed in earlier years. However, as far as expenses disallowed on account of education expenses and on account of establishment expenses are concerned, they are to be set off. - AT en-us Sat, 24 Aug 2013 10:18:28 +0530 Sat, 24 Aug 2013 10:18:28 +0530 TaxTMI RSS Generator Income u/s 68 of the Income Tax Act cannot offset past business losses; disallowed expenses can be set off. https://www.taxtmi.com/highlights?id=14079 Income assessable u/s 68 cannot be assessed under any particular head of income including income from other sources u/s 56 - Therefore, this addition cannot be set off against business losses computed in earlier years. However, as far as expenses disallowed on account of education expenses and on account of establishment expenses are concerned, they are to be set off. - AT Highlights Income Tax Sat, 24 Aug 2013 10:18:28 +0530 https://www.taxtmi.com/highlights?id=14079