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Set-Off of Capital Loss Beyond 8 Years Denied; 50% Deduction on Interest Allowed: ITAT Panaji
Case Law Details
- Case Name
- Comunidade of Chicalim Vs ACIT (ITAT Panaji)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Panaji
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Comunidade of Chicalim Vs ACIT (ITAT Panaji)
The appeal concerns two primary issues arising from an assessment order passed under sections 143(3) and 250 of the Income Tax Act: (i) denial of set-off of carried forward capital losses, and (ii) disallowance of deduction under section 57(iv) relating to interest income received on enhanced compensation.
The assessee, a body of individuals governed under a state code, filed its return of income for Assessment Year 2016–17 declaring a total income of Rs. 2.38 crore. The case was selected for scrutiny based on factors such as a la...
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