Capital Gains Cannot Offset Carried Forward Business Losses u/s 72 of the Income Tax Act.

Capital Gains Cannot Offset Carried Forward Business Losses u/s 72 of the Income Tax Act. https://www.taxtmi.com/highlights?id=2698 Only the business loss can be carried forward u/s 72 of the Act and it can also be set off only against the business income of the assessee. In present case, assets sold were capital assets and capital gains on sale of capital assets is not to be set off against the brought forward loss of earlier years. .... - AT en-us Tue, 17 Jan 2012 15:14:46 +0530 Tue, 17 Jan 2012 15:14:46 +0530 TaxTMI RSS Generator Capital Gains Cannot Offset Carried Forward Business Losses u/s 72 of the Income Tax Act. https://www.taxtmi.com/highlights?id=2698 Only the business loss can be carried forward u/s 72 of the Act and it can also be set off only against the business income of the assessee. In present case, assets sold were capital assets and capital gains on sale of capital assets is not to be set off against the brought forward loss of earlier years. .... - AT Highlights Income Tax Tue, 17 Jan 2012 15:14:46 +0530 https://www.taxtmi.com/highlights?id=2698