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Capital Loss Carry Forward Cannot Be Denied for Inadvertent Schedule CFL Omission: ITAT Mumbai
Case Law Details
- Case Name
- Trinity Opportunity Fund I Vs Assessing Officer-Int Tax (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2023-24
- Courts
- All ITAT, ITAT Mumbai
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Trinity Opportunity Fund I Vs Assessing Officer-Int Tax (ITAT Mumbai)
Material Facts: The assessee, a foreign company incorporated in Mauritius and registered as a Category-I Foreign Portfolio Investor (FPI) with SEBI, filed its return of income for AY 2023-24 on 20.10.2023 declaring total income of Rs. 12,54,49,410 after claiming set-off of brought forward capital losses relating to AYs 2019-20, 2020-21 and 2021-22. The brought forward losses aggregated Rs. 6,04,94,915, comprising short-term capital loss of Rs. 4,99,17,386 and long-term capital loss of Rs. 1,05,77,529.
During scrutiny, the A...
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