https://www.taxtmi.com/caselaws?id=417072 The ITAT upheld the assessee's claim to carry forward Long Term Capital Loss (LTCL) against future Long Term Capital Gains (LTCG), rejecting the AO's argument that exempt gains equate to "dead losses." Disallowance under Section 14A was limited to actual exempt income earned, not the higher disallowed amount. Software renewal license expenses were treated as revenue, not capital, as they were for maintenance. Helicopter expenses disallowance was reduced based on past practices. The ITAT dismissed revenue's appeals, affirming CIT(A)'s decisions for all assessment years, emphasizing consistency and correct interpretation of tax laws. en-us Tue, 11 Jan 2022 00:00:00 +0530 Thu, 13 Jan 2022 22:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417072 The ITAT upheld the assessee's claim to carry forward Long Term Capital Loss (LTCL) against future Long Term Capital Gains (LTCG), rejecting the AO's argument that exempt gains equate to "dead losses." Disallowance under Section 14A was limited to actual exempt income earned, not the higher disallowed amount. Software renewal license expenses were treated as revenue, not capital, as they were for maintenance. Helicopter expenses disallowance was reduced based on past practices. The ITAT dismissed revenue's appeals, affirming CIT(A)'s decisions for all assessment years, emphasizing consistency and correct interpretation of tax laws. Case-Laws Income Tax Tue, 11 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417072