Indexed Long-Term Capital Loss from Sale of Government Securities allowable

Peerless General Finance & Investment Company Limited Vs DCIT (ITAT Kolkata)

It is observed that the issue relating to the assessee’s claim for Long-Term Capital Loss arising from the sale of Government Securities by applying the Cost Inflation Index was disallowed by the Assessing Officer in the assessment completed under section 143(3). However, the set off of such loss to the extent of Rs.86,39,024/- and Rs.1,13,02,064/- being the Long-Term Capital Gain from Bonds and Right to property respectively

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