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2018 (5) TMI 428 - AT - Income TaxAdjusting the unabsorbed business loss against the capital income - Held that:- It is undisputed fact that the assessee has the earned the long term capital income by way of transfer of the business assets such as factory building, Plant & Machinery, electric installation under the head slum sale. Thus the nature of LTCG is in the nature of business profit & gains which is liable to be taxed under the head capital gain by virtue of the provisions of law. But the nature of LTCG is business only as discussed above in the case of Digital Electronics Ltd.(2010 (10) TMI 722 - ITAT, Mumbai). We direct the AO to set off the business loss against the business income and the remaining loss should be set off against the LTCG. Assessee’s appeal is partly allowed.
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