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-tax Act, 1961 (the Act) can be set-off against the brought forward long term capital losses under Sectio...