15 April 2012
In reading of bare section, it is seem as unabsorbed depreciation is allowed from any other income.
But we have to consider that The intention of statue is to tax lottery income at flat rate of taxation, hence in my view unabsorbed depreciation will not be allowed.
15 April 2012
Thank You sir for giving your view. I have another issue: A had accepted deposit from B in following order: a) Cheque deposit Rs 10000 b) cash deposit Rs 11000
Receiving cash deposit of Rs 11000 is violation of section 269SS because aggregate deposit has crossed the allowable limit of Rs 19999 due to acceptance of cash deposit.
My doubt is whether penalty u/s 271D would be: 1. Rs 21000, or 2. Rs 11000, or 3. Rs 1001 (21000-19999)
CAclubindia
