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Section 50 Is Only a Computation Fiction: Long-Term Capital Loss Can Be Set Off Against Deemed STCG
Case Law Details
- Case Name
- ACIT Vs Reliance Infrastructure Limited (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2021-22
- Courts
- All ITAT, ITAT Mumbai
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ACIT Vs Reliance Infrastructure Limited (ITAT Mumbai)
Section 50 Is Only a Computation Fiction: Long-Term Capital Loss Can Be Set Off Against Deemed STCG
The Mumbai ITAT has held that capital gains computed as short-term capital gains under Section 50 on transfer of a depreciable asset do not lose their underlying character as gains arising from a long-term capital asset. Consequently, current year and brought-forward long-term capital losses can be set off against such gains.
In this case, Reliance Infrastructure Ltd. had transferred a depreciable asset and computed capital gains of about ₹...
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