[aaykarbhavan] Sec. 80-IA relief can't be curtailed by brought forward losses not pertaining to initial year of relief

Sec. 80-IA relief can't be curtailed by brought forward losses not pertaining to initial year of relief

March 25, 2014[2014] 42 taxmann.com 462 (Ahmedabad - Trib.)

IT: Loss prior to initial assessment year of claiming section 80-IA deduction which has already been set-off cannot be brought forward and adjusted into period of ten years from initial assessment year

IT: For availing deduction under section 80-IA on sale proceeds of sales tax incentives, relevant scheme of Government was to be verified

IT: Where in similar circumstances, payment to related party for purchase was allowed in earlier year, no addition to be made in current year

IT: Even though sale did not increase proportionate to advertisement expenditure, same could not be denied if made to parties following proper accounting process

 

Regards

Prarthana Jalan

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