Deemed Short-Term Capital Gains from Depreciable Asset Sale Eligible for Setoff Against Long-Term Capital Loss

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...