Set off of unabsorbed business losses against capital income on slump sale

Gouranga Cement Pvt. Ltd. Vs DCIT (ITAT Kolkata) It is undisputed fact that the assessee has the earned the long term capital income by way of transfer of the business assets such as factory building, Plant & Machinery, electric installation under the head slum sale. Thus the nature of LTCG is in the nature of business profit & gains which is liable to be taxed under the head capital gain by virtue of the provisions of law. But the nature of LTCG is business only as discussed  in the case of Digital Electronics Ltd.(supra). Therefore, AO was directed to set off the business loss again...