Short term capital gains on transfer of depreciable assets can be set-off against brought forward loss from other long term capital assets

Short term capital gains on transfer of depreciable assets held for more than 36 months u/s. 50(2) of the Act can be set-off against brought forward loss from other long term capital assets

Recently, the Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of Manali Investments Vs. ACIT (ITA No. 6646/Mum/2008 A.Y.2005- 06)) held that the short term capital gains arising from the transfer of depreciable assets held for more than 36 months under Section 50(2) of the Income-ta

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