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Brought Forward Business Loss Cannot Offset STCG on Depreciated Assets
Case Law Details
- Case Name
- Sabeena Silk Mills Vs ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Mumbai
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Sabeena Silk Mills Vs ITO (ITAT Mumbai)
ITAT Mumbai: No Set-Off of Brought Forward Business Loss Against Short-Term Capital Gains on Depreciated Assets u/s 50
Mumbai ITAT held that brought forward business losses cannot be set off against short-term capital gains (STCG) computed u/s 50 on the sale of depreciated assets forming part of a block of assets, as such gains are taxable strictly under the head “Capital Gains” & section 41(2) has no application in such cases.
Assessee filed its return declaring ₹1,78,62,050 as capital gains u/s 50 from the sale of depreciated business assets,...
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