The answer is NO as as per the decision of Supreme Court in CIT vs Kurji Jinabhai Kotecha(1977) 107 ITR 101(SC) . The decision of the court is very clear as far as issue of carry forward of speculative loss in illegal business is concerned . “The second question is with regard to the assessee’s claim...
Can illegal speculative loss be carried forward and adjusted with another speculative gains in subsequent years ?
May 18, 2010 by
Wealth Tax Exemption to Non Residents or PIO!
January 21, 2010 by
I will return to India for permanent settlement in June 2007.Am I exempted from wealth tax for the next seven years?Please explain the existing wealth tax rule for bank deposits. purackal@hotmail.comSection 5 of the Wealth Tax Act is regarding the exemption granted to certain types of case. Sub-section (v) of section 5 deals with the
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