Tax Loss Set-off: Madras HC Rejects Revenue Appeal Citing No Substantial Question of Law

CIT Vs S&S Power Switchgear Limited (Madras High Court) Madras High Court has dismissed an appeal filed by the Income Tax Department (Revenue) concerning the set-off of brought forward business losses against capital gains arising from the sale of a business undertaking. The High Court’s decision, delivered on a technicality, upheld the Income Tax Appellate Tribunal’s (ITAT) ruling which allowed such a set-off. The case originated from the assessment year 2000-2001, where the Assessing Officer (AO) disallowed the assessee, S&S Power Switchgear Limited, from setting off unab...