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2011 (12) TMI 162 - ITAT BANGALOREWhether the brought forward loss from the earlier years can be set off against the income from "capital gains" u/s 72 – land, building and bore well used for business purposes being sold – assessee claiming it to be business assets - Held that:- Only the business loss can be carried forward u/s 72 of the Act and it can also be set off only against the business income of the assessee. In present case, assets sold were capital assets and capital gains on sale of capital assets is not to be set off against the brought forward loss of earlier years. Case is posted before the Division Bench to give effect to the order of the special Bench - Decided against the assessee.
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