https://www.taxtmi.com/caselaws?id=370035 The ITAT Delhi ruled in favor of the assessee in a case concerning the adjustment of capital gains against business losses. The ITAT held that the assessee had the discretion under section 71(2) of the Income Tax Act to choose whether to set off business losses against capital gains or carry them forward. The ITAT disagreed with the Assessing Officer's decision and directed the allowance of carry forward of unabsorbed business depreciation. Consequently, the appeal filed by the assessee was successful, and the order was pronounced in court on 10/08/2018. en-us Fri, 10 Aug 2018 00:00:00 +0530 Thu, 08 Nov 2018 10:58:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370035 The ITAT Delhi ruled in favor of the assessee in a case concerning the adjustment of capital gains against business losses. The ITAT held that the assessee had the discretion under section 71(2) of the Income Tax Act to choose whether to set off business losses against capital gains or carry them forward. The ITAT disagreed with the Assessing Officer's decision and directed the allowance of carry forward of unabsorbed business depreciation. Consequently, the appeal filed by the assessee was successful, and the order was pronounced in court on 10/08/2018. Case-Laws Income Tax Fri, 10 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370035