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Brought Forward business Loss can not be set off against Capital Loss on sale of Depreciable Business Assets
Case Law Details
- Case Name
- M/s Nandi Steels Limited Vs The Assistant Commissioner of Income Tax (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003- 2004
- Courts
- All ITAT, ITAT Bangalore
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Nandi Steels Limited Vs The ACIT (ITAT Bangalore)- It is not in dispute that the land, building and bore well sold by the assessee were used by the assessee for its business purposes. It is also not disputed that these assets were fixed assets of the assessee. The only argument of the assessee has been that they have direct nexus with the business carried on by the assessee and therefore, are business assets and any gains from the sale of such assets would also have the character of business income.
We are unable to agree with this contention of the assessee that the assets sold by the assesse...
