Set-Off of Capital Loss Beyond 8 Years Denied; 50% Deduction on Interest Allowed: ITAT Panaji

Advertisement Comunidade of Chicalim Vs ACIT (ITAT Panaji) The appeal concerns two primary issues arising from an assessment order passed under sections 143(3) and 250 of the Income Tax Act: (i) denial of set-off of carried forward capital losses, and (ii) disallowance of deduction under section 57(iv) relating to interest income received on enhanced compensation. The assessee, a body of individuals governed under a state code, filed its return of income for Assessment Year 2016–17 declaring a total income of Rs. 2.38 crore. The case was selected for scrutiny based on factors such as a la...