Monetary Limit Circular: Karnataka HC Upholds Deletion of Disallowed Short Term Capital Loss

PCIT Vs Agnus Holdings Pvt Ltd (Karnataka High Court) In the case of PCIT vs. Agnus Holdings Pvt Ltd, the Karnataka High Court dismissed an appeal filed by the Revenue under Section 260-A of the Income Tax Act, 1961, concerning the assessment year 2009-10. The appeal challenged the order of the Income Tax Appellate Tribunal (ITAT), Bengaluru, which had ruled in favor of Agnus Holdings by deleting the disallowance of short-term capital loss. The main contention of the Revenue was whether the Tribunal was correct in setting aside the disallowance made by the assessing officer under Section 14A a...