https://www.taxtmi.com/caselaws?id=439493 The Tribunal dismissed the Assessee's appeal in its entirety, upholding the decisions of the lower authorities. The Assessee's claim for Long Term Capital Loss (LTCL) in the revised return was deemed impermissible for carry forward under Section 74 of the Income Tax Act, as the loss was first claimed beyond the time limit allowed under Section 139(1). Additionally, the disallowance of interest expenses incurred for acquiring shares was upheld, as the Assessee failed to establish a nexus between the interest earned and the corresponding interest expenditure, leading to the denial of the deduction under Section 57(iii) of the Act. en-us Thu, 22 Jun 2023 00:00:00 +0530 Mon, 26 Jun 2023 08:41:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439493 The Tribunal dismissed the Assessee's appeal in its entirety, upholding the decisions of the lower authorities. The Assessee's claim for Long Term Capital Loss (LTCL) in the revised return was deemed impermissible for carry forward under Section 74 of the Income Tax Act, as the loss was first claimed beyond the time limit allowed under Section 139(1). Additionally, the disallowance of interest expenses incurred for acquiring shares was upheld, as the Assessee failed to establish a nexus between the interest earned and the corresponding interest expenditure, leading to the denial of the deduction under Section 57(iii) of the Act. Case-Laws Income Tax Thu, 22 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439493