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Home Bare Acts Phrase: set offIncome Tax Act, 1961 Chapter VI
Title: Aggregation of Income and Set off or Carry Forward of Loss
State: Central
Year: 1961
.....offers no explanation about the nature and source thereof or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year. Section 69 - Unexplained investments Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. Section 69A - Unexplained money, etc. Where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the nature and source of acquisition of the.....
View Complete Act List Judgments citing this sectionCode of Civil Procedure, 1908 Rule 1 to 10
Title: Written Statement, Set-off and Counter-claim
State: Central
Year: 1908
..... (a) produced for the cross-examination of the plaintiffs witnesses, or (b) handed over to a witness merely to refresh his memory.] 2. New facts must be specially pleaded The defendant must raise by his pleading all matters which show the suit not to be maintainable, or that the transaction is either void or voidable in point of law, and all such grounds of defence as, if not raised, would be likely to take the opposite party by surprise, or would raise issues of fact not arising out of the plaint, as, for instance, fraud, limitation, release, payment, performance, or facts showing illegality. 3. Denial to be specific It shall not be sufficient for a defendant in his written statement to deny generally the grounds alleged by the plaintiff, but the defendant must deal specifically with each allegation of fact of which he does not admit the truth, except damages. 4. Evasive denial Where a defendant denies an allegation of fact in the plaint, he must not do so evasively, but answer the point of substance. Thus, if it is alleged that he received a certain sum of money, it shall not be sufficient to deny that he received that particular amount, but he must deny.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 72A
Title: Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Amalgamation or Demerger, Etc.
State: Central
Year: 1961
.....or amalgamation or demerger had not taken place.] 5[(aa) industrial undertaking means any undertaking which is engaged in - (i) the manufacture or processing of goods; or (ii) the manufacture of computer software; or (iii) the business of generation or distribution of electricity or any other form of power; or 6[(iiia) the business of providing telecommunication services, whether basic or cellular, including radio paging, domestic satellite service, network of trunking, broadband network and internet services; or] (iv) mining; or (v) the construction of ships, aircrafts or rail systems; ] 10[(b) "unabsorbed depreciation" means so much of the allowance for depreciation of the predecessor firm or the proprietary concern or the private company or unlisted public company before conversion into limited liability partnership or the amalgamating company or the demerged company, as the case may be, which remains to be allowed and which would have been allowed to the predecessor firm or the proprietary concern or the company or amalgamating company or demerged company, as the case may be, under the provisions of this Act, if the reorganisation of business or.....
View Complete Act List Judgments citing this sectionPayment of Bonus Act, 1965 Section 15
Title: Set on and Set off of Allocable Surplus
State: Central
Year: 1965
.....fourth accounting year in the manner illustrated in the Fourth Schedule. (3) The principle of set on and set off as illustrated in the Fourth Schedule shall apply to all other cases not covered by sub-section (1) or sub-section (2) for the purpose of payment of bonus under this Act. (4) Where in any accounting year any amount has been carried forward and set on or set off under this section, then, in calculating bonus for the succeeding accounting year, the amount of set on or set off carried forward from the earliest accounting year shall first be taken into account.] _________________________ 1. Substituted by Act 66 of 1980, Section 9, for section 15 (w.r.e.f. 21-8-1980).
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 71
Title: Set off of Loss from One Head Against Income from Another
State: Central
Year: 1961
.....year, the net result of the computation under the head Capital gains is a loss and the assessee has income assessable under any other head of income, the assessee shall not be entitled to have such loss set-off against income under the other head. (4) Where the net result of the computation under the head Income from house property is a loss, in respect of the assessment years commencing on the 1st day of April, 1995 and the 1st day of April, 1996, such loss shall be first set-off under sub-sections (1) and (2) and thereafter the loss referred to in section 71A shall be set-off in the relevant assessment year in accordance with the provisions of that section. ______________________________ 1. Inserted by the Finance (No. 2) Act, 2004, with effect from 1st April, 2005.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 72AB
Title: Provisions Relating to Carry Forward and Set off of Accumulated Loss and Unabsorbed Depreciation Allowance in Business Reorganisation of Co-operative Banks
State: Central
Year: 1961
.....years for the purposes of set off and carry forward of loss and allowance for depreciation. (6) In a case where the conditions specified in sub-section (2) or notified under sub-section (4) are not complied with, the set off of accumulated loss or unabsorbed depreciation allowed in any previous year to the successor co-operative bank shall be deemed to be the income of the successor cooperative bank chargeable to tax for the year in which the conditions are not complied with. (7) For the purposes of this section, - (a) accumulated loss means so much of loss of the amalgamating cooperative bank or the demerged co-operative bank, as the case may be, under the head Profits and gains of business or profession (not being a loss sustained in a speculation business) which such amalgamating co-operative bank or the demerged co-operative bank, would have been entitled to carry forward and set-off under the provisions of section 72 as if the business reorganisation had not taken place; (b) unabsorbed depreciation means so much of the allowance for depreciation of the amalgamating co-operative bank or the demerged co-operative bank, as the case may be, which remains to be allowed.....
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 73A
Title: Carry Forward and Set off of Losses by Specified Business
State: Central
Year: 1961
1[(1) Any loss, computed in respect of any specified business referred to in section 35AD shall not be set off except against profits and gains, if any, of any other specified business. (2) Where for any assessment year any loss computed in respect of the specified business referred to in sub-section (1) has not been wholly set off under subsection (1), so much of the loss as is not so set off or the whole loss where the assessee has no income from any other specified business, shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and - (i) it shall be set off against the profits and gains, if any, of any specified business carried on by him assessable for that assessment year; and (ii) if the loss can not be wholly so set off, the amount of loss not so set off shall be carried forward to the following assessment year and so on.] ________________________________________ 1. Inserted by the Finance (No. 2) Act, 2009, with effect from 1st April, 2010.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 70
Title: Set off of Loss from One Source Against Income from Another Source Under the Same Head of Income
State: Central
Year: 1961
.....to 55 in respect of any capital asset (other than a short-term capital asset) is a loss, the assessee shall be entitled to have the amount of such loss set-off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset not being a short-term capital asset.] ____________________________ 1. Substituted by the Finance Act, 2002, with effect from 1st April, 2003. Prior to substitution, section 70 stood as under: 70. Set-off of loss from one source against income from another source under the same head of income. Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set-off against his income from any other source under the same head.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 71B
Title: Carry Forward and Set off of Loss from House Property
State: Central
Year: 1961
1[Where for any assessment year the net result of computation under the head Income from house property is a loss to the assessee and such loss cannot be or is not wholly set-off against income from any other head of income in accordance with the provisions of section 71, so much of the loss as has not been so set-off or where he has no income under any other head, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year and - (i) be set-off against the income from house property assessable for that assessment year, and (ii) the loss, if any, which has not been set-off wholly, the amount of loss not so set-off shall be carried forward to the following assessment year, not being more than eight assessment years immediately succeeding the assessment year for which the loss was first computed.] _________________________ 1. Inserted by the Finance (No. 2) Act, 1998, with effect from 1st April, 1999.
View Complete Act List Judgments citing this sectionIncome Tax Act, 1961 Section 72
Title: Carry Forward and Set off of Business Losses
State: Central
Year: 1961
.....loss not so setoff shall, in case the business so re-established, reconstructed or revived continues to be carried on by the assessee, be carried forward to the following assessment year and so on for seven assessment years immediately succeeding. (2) Where any allowance or part thereof is, under sub-section (2) of section 32 or sub-section (4) of section 35, to be carried forward, effect shall first be given to the provisions of this section. (3) No loss (other than the loss referred to in the proviso to sub-section (1) of this section) shall be carried forward under this section for more than eight assessment years immediately succeeding the assessment year for which the loss was first computed. ______________________________ 1. Prior to omission, proviso to clause (i) stood as under: Provided that the business or profession for which the loss was originally computed continued to be carried on by him in the previous year relevant for that assessment year;
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