https://www.taxtmi.com/caselaws?id=412363 The court upheld the disallowance of a deduction of Rs. 2,76,00,000 as capital expenditure, ruling in favor of the Revenue and against the Assessee. Regarding the disallowance of setting off long-term capital loss on the sale of shares and mutual funds against long-term capital gain on the sale of land, the court held that the loss from exempt income cannot be set off against taxable income from another long-term capital asset. The decision favored the Revenue, confirming the Assessing Officer's stance and dismissing the appeal with no order as to costs. en-us Tue, 03 Aug 2021 00:00:00 +0530 Thu, 23 Feb 2023 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412363 The court upheld the disallowance of a deduction of Rs. 2,76,00,000 as capital expenditure, ruling in favor of the Revenue and against the Assessee. Regarding the disallowance of setting off long-term capital loss on the sale of shares and mutual funds against long-term capital gain on the sale of land, the court held that the loss from exempt income cannot be set off against taxable income from another long-term capital asset. The decision favored the Revenue, confirming the Assessing Officer's stance and dismissing the appeal with no order as to costs. Case-Laws Income Tax Tue, 03 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412363