Tag Archives: Section 80

Unabsorbed depreciation allowed to be carried forward even if return filed belatedly

By | May 4, 2016

Issue Where the assessee  filed the return after expiry of time prescribed u/s 139(1), whether he is eligible to carry forward and set off of such unabsorbed depreciation as per section 139(3) and section 80 of the Act. ? Held Whereas, section 80 of the Act requires that return be filed as per section 139(3) of the Act… Read More »

Section 80 No penalty if no mala fide intension for non payment of service tax

By | October 28, 2015

Facts of the Case :- The appellant entered in royalty agreement with M/s. Shree Arvind Finishers, Ichalkaranji for using the goodwill “Finished by Shri. Arvind processors Pvt. Ltd” for which they were receiving an amount as per the said agreement., The appellant was under bona fide belief that since the VAT has been paid on the… Read More »

Carry forward of loss due to Assessment

By | August 1, 2015

Question: when the Assessee filed the income tax return after the Prescribed period u.s 139 (1) and declared the income but in the Assessment proceedings loss has been determined by the Assessing Officer , Whether the Assesse can carry forward the Loss in view of the provision that as per Section 80 of the Act, the benefit… Read More »