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CPC Adjusts u/s 143(1), Disallows Set-Off of Brought Forward Losses Against Short-Term Capital Gains; Legal Complexity Cited.

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....Adjustment made by the CPC (Centralized Processing Centre) u/sec. 143(1) - CPC did not allow set off of brought forward losses against the short term capital gain and hence, made the adjustment and raised a demand - As the issue in question is debatable, which needs to be considered in detail both the legal aspects and factual aspects and decision has to be arrived at. Such legal issues are not permissible to decide u/sec. 143(1) - HC....

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