https://www.taxtmi.com/caselaws?id=369431 The Tribunal allowed the appeal, directing the Assessing Officer to permit the set off of the current year's business loss, accumulated depreciation, and brought forward business loss against short term capital gains. The Tribunal clarified that the legal fiction under section 50 pertains only to the computation of capital gains and does not alter asset classification or exemption applicability. The Tribunal upheld the assessee's claims, citing relevant precedents from the Hon'ble Bombay High Court and emphasizing the right to raise claims before appellate authorities for consideration in income determination. en-us Mon, 15 Oct 2018 00:00:00 +0530 Fri, 26 Oct 2018 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369431 The Tribunal allowed the appeal, directing the Assessing Officer to permit the set off of the current year's business loss, accumulated depreciation, and brought forward business loss against short term capital gains. The Tribunal clarified that the legal fiction under section 50 pertains only to the computation of capital gains and does not alter asset classification or exemption applicability. The Tribunal upheld the assessee's claims, citing relevant precedents from the Hon'ble Bombay High Court and emphasizing the right to raise claims before appellate authorities for consideration in income determination. Case-Laws Income Tax Mon, 15 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369431