[aaykarbhavan] Losses under the head capital gains won't be set-off and carry forward in case of amalgamation and demerger

Losses under the head capital gains won't be set-off and carry forward in case of amalgamation and demerger

January 10, 2015[2015] 53 taxmann.com 39 (Mumbai - Trib.)

IT : Benefit of set-off and carry forward of losses under head 'capital gains' is not available in case of amalgamation and demerger

IT : Payment of membership entrance fee to club is an allowable expenditure

IT : Since in assessment year 2006-07, rule 8D was not applicable, disallowance on exempt income was to be worked out on some reasonable basis

IT : Expenditure incurred for purchase of software that helped to do work effectively, was revenue expenditure

IT : Where assessee paid remuneration to its managing director, etc. and clearly explained nature and purpose of said payment, which was not considered by Commissioner (Appeals), matter was to be re-examined

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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