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2018 (8) TMI 1186 - AT - Income TaxSet off of unabsorbed business loss - set off against Short Term Capital Gain U/s. 50 - Held that:- u/s.72 of the Act gains out of business or profession carried on by the assessee and assessable to tax though under the head other than income from business and profession of that assessment year can be set off against loss under the head ‘profits and gains of business or profession’ carried forward from earlier years. - further, income arising out of a sale of business asset though not taxable as profits and gains from business or profession is an income in the nature of business and unabsorbed business losses can be set off against such income. Following the decision in the case of Digital Electronics Ltd.vs. Addl. CIT [2010 (10) TMI 722 - ITAT, MUMBAI], Decided in favor of assessee.
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