TaxTMI 
TaxTMI 
2025 (6) TMI 1943
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....siness loss, on a different ground viz., carry forward of unabsorbed depreciation allowance? 2. Whether the Appellate Tribunal is right in law and acted within its powers in deciding an issue which was not raised by the appellant (the Revenue) in its grounds of appeal before the Tribunal? 3. Whether the Appellate Tribunal is right in law in not adjudicating the appellant's claim for set off of brought forward business loss against short term capital gains on depreciable business assets computer under Section 50 an issue decided in assessee's favour by decisions of the the Hon'ble Supreme Court and this Hon'ble High Court?" 2. Shri Kumar, counsel for appellant, relying on an order of a Division Bench of t....
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....ty, i.e., land and the long term capital gain shown is Rs.72,70,784/-. While computing the total income assessee had set off the earlier years unabsorbed depreciation and carry forward of business loss against this capital gain. The Assessment Officer had allowed set off of unabsorted depreciation against short term capital gain as an admissible adjustment but disallowed set off of carry forward of business loss against either short term capital gain or long term capital gain. 2. Aggrieved by this order of the Assessment Officer, Respondents preferred an appeal under Section 246 A (1) (B) of the Act before the CIT (Appeals). CIT (Appeals) passed an order dated 26th November, 2007 dismissing the appeal. According to CIT (Appeals) th....
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....ion No. (A), which reads as follows: (A) Whether on the facts and in the circumstance of the case and in law the Hon'ble Tribunal was justified in allowing the set-off of brought forward business loss u/s. 72(1) of the Income-tax Act, 1961 against the deemed short-term capital gain assessed u/s.50 of the Income-tax Act, 1961? 4. Section 72 sub section 1 of the Act reads as under: "72(1) Where for any assessment year, the net result of the computation under the head "Profits and gains of business or profession " is a loss to the assessee, not being a loss sustained in a speculation business, and such loss cannot be or is not wholly set off against income under any head of income in accordance with the provisions of....
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....t, factory building, plant and machinery and had shown short term capital gain of Rs.1,55,63,915/- plus long term capital gain of Rs.72,70,984/- by sale of immovable property. The assessee was in the business of manufacturing metal containers and the computations of gain was under a different head nevertheless the profit or gain on sale of depreciable assets to extent of recoupment of depreciation is nothing but business income in substance. The assessee is entitled to set off brought forward loss against income which has the attributes of business income even though the same is assessible to tax under head other than profit and gain from business. We find support for this view from Principal Commissioner of Income Tax Vs. Alcon Developers1....