ITAT Allows Carry Forward of LTCG Loss as Section 54F Exemption Must Be Applied First

Advertisement Nikesh Bhagwandas Mehta Vs ITO (ITAT Mumbai) The Mumbai Income Tax Appellate Tribunal (ITAT) allowed the assessee’s appeal against the order of the Addl. CIT/Jt. CIT (A), Surat, relating to AY 2022-23. The dispute concerned denial of carry forward of long-term capital loss amounting to ₹37.72 lakh by the Central Processing Centre (CPC) while processing the return under Section 143(1) of the Income Tax Act. The assessee had filed a return declaring total income of ₹49.53 lakh. During the relevant year, the assessee earned long-term capital gain of ₹69.84 lakh from sale ...