https://www.taxtmi.com/caselaws?id=328821 The ITAT allowed the appeal, holding that business loss can be adjusted against any head of income, including Capital Gains, as per Section 71 of the Income Tax Act. The ITAT directed the AO to set off the business loss against income under "Other sources" before Capital Gains, ensuring maximum benefit to the assessee. The decision emphasized interpreting tax statutes in favor of the assessee and clarified the sequence for adjusting business loss against various income heads, providing relief to the appellant. en-us Thu, 09 Jun 2016 00:00:00 +0530 Wed, 15 Jun 2016 09:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328821 The ITAT allowed the appeal, holding that business loss can be adjusted against any head of income, including Capital Gains, as per Section 71 of the Income Tax Act. The ITAT directed the AO to set off the business loss against income under "Other sources" before Capital Gains, ensuring maximum benefit to the assessee. The decision emphasized interpreting tax statutes in favor of the assessee and clarified the sequence for adjusting business loss against various income heads, providing relief to the appellant. Case-Laws Income Tax Thu, 09 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328821