https://www.taxtmi.com/caselaws?id=768999 The right to carry forward a short-term capital loss under section 74 must be examined in the assessment year in which the loss is first incurred and determined, and it cannot be denied through a rectification order passed in a later year. Where the assessee had already claimed the relevant losses in the earlier assessment years and the Revenue did not dispute that factual position, disallowance in the subsequent year was unsustainable. The ITAT therefore upheld the assessee's claim to carry forward and consequential set-off of the earlier years' short-term capital loss. en-us Fri, 28 Mar 2025 00:00:00 +0530 Thu, 17 Apr 2025 08:37:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768999 The right to carry forward a short-term capital loss under section 74 must be examined in the assessment year in which the loss is first incurred and determined, and it cannot be denied through a rectification order passed in a later year. Where the assessee had already claimed the relevant losses in the earlier assessment years and the Revenue did not dispute that factual position, disallowance in the subsequent year was unsustainable. The ITAT therefore upheld the assessee's claim to carry forward and consequential set-off of the earlier years' short-term capital loss. Case-Laws Income Tax Fri, 28 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768999