Revisional power in block assessment upheld, undisclosed search income sustained, freight suppression addition restored, accrued lorry hire liability ...
Reassessment and fee-for-technical-services classification: reopening upheld, but certain reimbursements and mobilization charges fell outside treaty ...
Section 80P deduction for co-operative societies remains available despite nominal members and housing society status, with limited interest income tr...
Carry forward and set off of short-term capital loss depends on compliance with the prescribed time limit for filing the loss return; where the return for AY 2020-21 was filed beyond the due date and no extension or condonation was sought, the Tribunal stated that carry forward stood denied when the return was processed. It further stated that the earlier denial could not be reopened in an appeal for AY 2024-25, so capital gains of that year could not be set off against the carried forward loss. The Tribunal distinguished Kullu Valley Transport Co. on facts and upheld the denial of set off.
Carry forward and set off of short-term capital loss depends on compliance with the prescribed time limit for filing the loss return; where the return for AY 2020-21 was filed beyond the due date and no extension or condonation was sought, the Tribunal stated that carry forward stood denied when the return was processed. It further stated that the earlier denial could not be reopened in an appeal for AY 2024-25, so capital gains of that year could not be set off against the carried forward loss. The Tribunal distinguished Kullu Valley Transport Co. on facts and upheld the denial of set off.
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