Set off of Brought Forward Business Loss with Income of Current Year Capital Gains

Nandi Steels Limited Vs ACIT (Karnataka High Court) A Deviation From a Tradition Understanding Of Section 72(1)-Set off of Brought Forward Business Loss with Income of Current Year Capital Gains Whether business loss carried forward from earlier years can be set-off against current capital gain arising from sale of business assets? 1. FACTS OF THE CASE The assessee is a company which filed its return of income for AY 2003-04 on 14.10.2003 and declared an income of Rs. 98,27,270/- under the head “Capital Gains”. The assessee has set off carried forward business loss of earlier years to the...