Transitional tax credit for eligible dealers survives incorrect form entries, while previously available eligibility objections cannot be raised on ap...
Brought-forward business losses may be set off against gains on the sale of depreciable business assets, even when the gains are computed as short-term capital gains under section 50. The fiction in section 50 is confined to computation and does not change the gain's character for all other provisions. Section 72 does not require business profits to be assessed under the business-income head for eligible set-off. Eligibility remains subject to verification of the quantum, valid determination and carry-forward of losses, and compliance with sections 72 and 80, including filing requirements.
Brought-forward business losses may be set off against gains on the sale of depreciable business assets, even when the gains are computed as short-term capital gains under section 50. The fiction in section 50 is confined to computation and does not change the gain's character for all other provisions. Section 72 does not require business profits to be assessed under the business-income head for eligible set-off. Eligibility remains subject to verification of the quantum, valid determination and carry-forward of losses, and compliance with sections 72 and 80, including filing requirements.
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