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Deemed Short-Term Capital Gains from Depreciable Asset Sale Eligible for Setoff Against Long-Term Capital Loss
Case Law Details
- Case Name
- DCIT Vs Claris Lifesciences Limited (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Ahmedabad
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DCIT Vs Claris Lifesciences Limited (ITAT Ahmedabad)
Deemed short-term capital gain on sale of depreciable assets can be set off against long-term capital loss
The case of DCIT vs. Claris Lifesciences Limited, heard at the ITAT Ahmedabad, delves into the allowance of setting off long-term capital loss against short-term capital gain from the sale of depreciable assets. The Revenue contests the decision made by the Learned Commissioner of Income Tax (Appeals)-12, Ahmedabad, concerning the Assessment Year 2018-19.
The crux of the matter revolves around whether the long-term capital loss incurred...
