https://www.taxtmi.com/caselaws?id=411791 The Tribunal dismissed the assessee's appeal regarding the set off of brought forward business loss against Short Term Capital Gains arising from the sale of depreciable business assets for the A.Y 2009-10. The decision was based on the provisions of section 72(1) of the Income Tax Act, which stipulates that brought forward business loss can only be set off against business income, not Short Term Capital Gains. The Tribunal upheld the disallowance of the set off on both procedural and substantive grounds. en-us Mon, 30 Aug 2021 00:00:00 +0530 Fri, 03 Sep 2021 09:06:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411791 The Tribunal dismissed the assessee's appeal regarding the set off of brought forward business loss against Short Term Capital Gains arising from the sale of depreciable business assets for the A.Y 2009-10. The decision was based on the provisions of section 72(1) of the Income Tax Act, which stipulates that brought forward business loss can only be set off against business income, not Short Term Capital Gains. The Tribunal upheld the disallowance of the set off on both procedural and substantive grounds. Case-Laws Income Tax Mon, 30 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411791