https://www.taxtmi.com/caselaws?id=405295 The Appellate Tribunal upheld the decision of the CIT(A) in allowing the set-off of carried forward business losses against short term capital gains from the sale of capital assets for the assessment year 2013-14. The Tribunal emphasized that as long as the gains arose from the business or profession of the assessee and were assessable for that year, they could be set off against losses under the head 'Profits and Gains of Business or Profession' carried forward from earlier years. The judgment reaffirmed the applicability of Section 72 of the Income Tax Act for such set-offs, based on established legal principles and precedents. en-us Thu, 11 Mar 2021 00:00:00 +0530 Wed, 17 Mar 2021 09:10:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405295 The Appellate Tribunal upheld the decision of the CIT(A) in allowing the set-off of carried forward business losses against short term capital gains from the sale of capital assets for the assessment year 2013-14. The Tribunal emphasized that as long as the gains arose from the business or profession of the assessee and were assessable for that year, they could be set off against losses under the head 'Profits and Gains of Business or Profession' carried forward from earlier years. The judgment reaffirmed the applicability of Section 72 of the Income Tax Act for such set-offs, based on established legal principles and precedents. Case-Laws Income Tax Thu, 11 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405295