https://www.taxtmi.com/caselaws?id=365714 The Tribunal allowed the appeal, holding that the set off of business loss against income of capital gains was justified under the provisions of the Income Tax Act, 1961. The appellant successfully argued that the gain from the sale of the business asset should be considered as business income, allowing for the set off of carried forward business losses. The Tribunal referred to precedent supporting this interpretation and directed the Assessing Officer to grant the set off of business loss against the capital gains. en-us Tue, 31 Jul 2018 00:00:00 +0530 Wed, 22 Aug 2018 08:05:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365714 The Tribunal allowed the appeal, holding that the set off of business loss against income of capital gains was justified under the provisions of the Income Tax Act, 1961. The appellant successfully argued that the gain from the sale of the business asset should be considered as business income, allowing for the set off of carried forward business losses. The Tribunal referred to precedent supporting this interpretation and directed the Assessing Officer to grant the set off of business loss against the capital gains. Case-Laws Income Tax Tue, 31 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365714