Long-Term Capital Loss on Group Share Sale Allowed: ITAT Mumbai Upholds ₹183 Cr LTCL

ACIT Vs Shapoorji Pallonji Solar Holdings Pvt. Ltd. (ITAT Mumbai) Long-Term Capital Loss on Group Share Sale Allowed: ITAT Mumbai Upholds ₹183 Cr LTCL in Shapoorji Pallonji Solar Case The Mumbai Bench of the ITAT dismissed the Revenue’s appeal for AY 2021-22 and upheld the order of the CIT(A) allowing the assessee’s claim of long-term capital loss (LTCL) of ₹183.00 crore arising from sale of shares in group companies by Shapoorji Pallonji Solar Holdings Pvt. Ltd. The Tribunal noted that the Assessing Officer had disallowed the LTCL primarily on the ground that the assessee failed to fu...