May 2023

Valid Contract

Valid Contract

Introduction Contracts are the backbone of any business transaction, serving as the foundation for agreements and ensuring parties’ rights and obligations are clearly defined. Whether you’re engaging in a simple purchase or entering into a complex partnership, understanding the concept of a valid contract is essential. In this blog post, we will unravel the mysteries […]

section 79A of Income Tax act 1961

section 79A of Income Tax act 1961

No set off of losses consequent to search, requisition and survey Notwithstanding anything contained in this Act, where consequent to a search under section 132 or a requisition under section 132A or a survey under section 133A other than under sub-section (2A) of that section, the total income of any previous year of an assessee includes any undisclosed income, no set

section 79 of Income Tax act 1961

section 79 of Income Tax act 1961

Carry forward and set off of losses in case of certain companies (1) Notwithstanding anything contained in this Chapter, where a change in shareholding has taken place during the previous year in the case of a company, not being a company in which the public are substantially interested, no loss incurred in any year prior

section 78 of Income Tax act 1961

section 78 of Income Tax act 1961

Carry forward and set off of losses in case of change in constitution of firm or on succession (1) Where a change has occurred in the constitution of a firm, nothing in this Chapter shall entitle the firm to have carried forward and set off so much of the loss proportionate to the share of

section 75 of Income Tax act 1961

section 75 of Income Tax act 1961

Losses of firms Where the assessee is a firm, any loss in relation to the assessment year commencing on or before the 1st day of April, 1992, which could not be set off against any other income of the firm and which had been apportioned to a partner of the firm but could not be

section 74A of Income Tax act 1961

section 74A of Income Tax act 1961

Losses from certain specified sources falling under the head “Income from other sources (1) [* * *] (2) [* * *] (3) In the case of an assessee, being the owner of horses maintained by him for running in horse races (such horses being hereafter in this sub-section referred to as race horses), the amount

section 74 of Income Tax act 1961

section 74 of Income Tax act 1961

Losses under the head “Capital gains (1) Where in respect of any assessment year, the net result of the computation under the head “Capital gains” is a loss to the assessee, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and—  (a) in so

section 73A of Income Tax act 1961

section 73A of Income Tax act 1961

Carry forward and set off of losses by specified business (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

section 73 of Income Tax act 1961

section 73 of Income Tax act 1961

Losses in speculation business (1) Any loss, computed in respect of a speculation business carried on by the assessee, shall not be set off except against profits and gains, if any, of another speculation business. (2) Where for any assessment year any loss computed in respect of a speculation business has not been wholly set

section 69C of Income Tax act 1961

section 69C of Income Tax act 1961

Unexplained expenditure, etc Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount covered by such expenditure or part thereof,