Tag Archives: Section 72

File ITR in Paper Form as E-filing not allowing set off of Losses : HC

By | March 26, 2020

  HIGH COURT OF BOMBAY Samir Narain Bhojwani v. Deputy Commissioner of Income-tax, Central Circle 3(4), Mum. M.S. SANKLECHA AND NITIN JAMDAR, JJ. WRIT PETITION NO. 2825 OF 2019 OCTOBER  22, 2019 J.D. Mishtri, Sr. Counsel and Madhur Agarwal for the Petitioner. Sham Walve for the Respondent. ORDER 1. In view of the extraordinary urgency made out by the petitioner as the… Read More »

Forex derivative transactions Loss is business loss can be set off against other business income

By | October 3, 2015

Where assessee, an exporter of garments, entered into forex derivative transactions through its bankers to hedge its foreign currency risk, loss incurred on such transactions could be considered as business loss which could be set off against other business income Where assessee has acquired a business asset from country outside India in any previous year,… Read More »