https://www.taxtmi.com/caselaws?id=207145 The ITAT Mumbai directed the AO to recompute the disallowance under section 14A in accordance with a recent Bombay High Court judgment, granting the appellant an opportunity to be heard. Regarding the set off of brought forward business losses against profits on the sale of business assets, the ITAT allowed the appellant's claim, disagreeing with the AO and CIT(A) interpretations. The gains from the sale of business assets were considered eligible for set off against carried forward business losses as long as they were from a business or profession carried on by the assessee. en-us Wed, 20 Oct 2010 00:00:00 +0530 Mon, 08 Jul 2013 10:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207145 The ITAT Mumbai directed the AO to recompute the disallowance under section 14A in accordance with a recent Bombay High Court judgment, granting the appellant an opportunity to be heard. Regarding the set off of brought forward business losses against profits on the sale of business assets, the ITAT allowed the appellant's claim, disagreeing with the AO and CIT(A) interpretations. The gains from the sale of business assets were considered eligible for set off against carried forward business losses as long as they were from a business or profession carried on by the assessee. Case-Laws Income Tax Wed, 20 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207145