Business Loss Set-Off Against STCG from Business Asset Sale: ITAT Remands to AO

Pradeep Kisanlal Boob Vs ACIT (ITAT Pune) The Income Tax Appellate Tribunal (ITAT), Pune Bench, in the case of Pradeep Kisanlal Boob Vs. ACIT, has partially allowed an appeal by the assessee for statistical purposes, remanding the issue of setting off brought-forward business losses against deemed short-term capital gains (STCG) from depreciable assets back to the Assessing Officer (AO). The ruling, pronounced on May 30, 2025, addresses key aspects of permissible adjustments under Section 143(1) of the Income-tax Act, 1961, and the applicability of judicial precedents. Case Background Pradeep ...