Set Off Archives

Case Briefs Tribunals/Commissions/Regulatory Bodies

Carry forward of losses cannot be denied once return is validly filed under S. 139(1) of Income Tax Act

The assessee’s submitted that the authorities wrongly disallowed the carry forward of losses only because the return was filed late on 1-11-2019 at 00:00:37, and therefore not treated as a valid return under Section 139(1) of the Income Tax Act, 1961.

Case Briefs Supreme Court

‘Set-off inapplicable to CIRP under IBC’; Supreme Court verdict on Right to claim Set-off in Corporate Insolvency Resolution Process, explained

“If a Resolution Professional proceeds in terms of Section 25 of the IBC and secures the assets from the creditors, the creditors would not be entitled to claim set-off during the course of the Corporate Insolvency Resolution Process.”

Case Briefs High Courts

Delhi HC| Refund cannot be adjusted while appeal to earlier challenge to assessment is pending

Delhi High Court: A Division Bench of Manmohan and Manmeet Pritam Singh Arora JJ. disposed the petition and directed the respondents to

Case Briefs High Courts

Powers under Order VIII Rule 9 CPC to be exercised by the courts only in cases of set off/counter claim

Jharkhand High Court: A Single Judge Bench of Shree Chandrashekhar, J., partly allowed a writ petition filed against an order passed by