https://www.taxtmi.com/caselaws?id=462508 The HC dismissed the Revenue's appeal, upholding the Tribunal's decision allowing set-off of brought forward business losses under Section 72(1) against deemed short-term capital gains assessed under Section 50. The Court held that gains from sale of depreciable business assets, representing recoupment of depreciation, retain their business income character despite being assessed under capital gains head. The Court applied substance-over-form principle, ruling that income's true nature prevails over assessment classification for set-off purposes. The decision establishes that Section 72(1) permits loss set-off against income having business attributes, even when assessed under different heads. en-us Mon, 13 Sep 2021 00:00:00 +0530 Fri, 27 Jun 2025 08:36:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462508 The HC dismissed the Revenue's appeal, upholding the Tribunal's decision allowing set-off of brought forward business losses under Section 72(1) against deemed short-term capital gains assessed under Section 50. The Court held that gains from sale of depreciable business assets, representing recoupment of depreciation, retain their business income character despite being assessed under capital gains head. The Court applied substance-over-form principle, ruling that income's true nature prevails over assessment classification for set-off purposes. The decision establishes that Section 72(1) permits loss set-off against income having business attributes, even when assessed under different heads. Case-Laws Income Tax Mon, 13 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462508