https://www.taxtmi.com/article/detailed?id=6716 The issue is whether an assessee may decline to set off business losses against long term capital gains under Section 71(2) and whether an assessing officer can rectify an assessment under Section 154 when the assessee voluntarily offered LTCG to tax and the AO accepted it. The author stresses the distinct legislative use of may in Section 71(2) (an option, given concessional LTCG treatment) versus shall in Section 72(1), and argues that acceptance of the assessee's original position and supporting internal advice may negate a "mistake apparent from the record." en-us Wed, 02 Mar 2016 08:43:24 +0530 Wed, 02 Mar 2016 08:43:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=6716 The issue is whether an assessee may decline to set off business losses against long term capital gains under Section 71(2) and whether an assessing officer can rectify an assessment under Section 154 when the assessee voluntarily offered LTCG to tax and the AO accepted it. The author stresses the distinct legislative use of may in Section 71(2) (an option, given concessional LTCG treatment) versus shall in Section 72(1), and argues that acceptance of the assessee's original position and supporting internal advice may negate a "mistake apparent from the record." Articles Income Tax Wed, 02 Mar 2016 08:43:24 +0530 https://www.taxtmi.com/article/detailed?id=6716