Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 1264 - AT - Income TaxDisallowance set-off of Short Term Capital Loss against Long Term Capital Gain - claim rejected on the ground that assessee company did not furnish bills or vouchers in support of the sale of the said assets. Secondly, the assets which were discarded could have fetched scrap value which is not accounted by the assessee. - Held that:- the lumpsum sale consideration of ₹ 60 lakhs includes value of land and electrical installation, equipment, building, furniture, etc. AO is directed to adjust the Short term capital loss being the written done value of these assets of ₹ 6,85,490/- against the Long term capital gain on the sale of the land. With these directions, we allow this ground of appeal raised by the assessee. Additions towards waiver of loan - the assessee had applied for one-time settlement to the bank whereby the ‘principal amount’ of the loan was repaid and the interest on the loan amount was waived. The said interest though provided in the books was not claimed while computing income in view of sec.43B as the said interest was not paid. Therefore, the waiver of the interest amount was not offered for taxation. - No additions. Disallowing set-off of unabsorbed depreciation against income of long Term Capital Gain - belated filing of returns of income - Held that:- In this respect our attention was drawn to the decision of the Appellate Tribunal, Mumbai Bench,in the case of ACIT vs. Anil Printers Ltd. [2016 (4) TMI 907 - ITAT MUMBAI] wherein the Tribunal held that the condition of filing return of income within the time prescribed u/s.139(1) of the Act is not applicable for the provisions of sec.32(2) and therefore, carry forward and set off of the unabsorbed depreciation can be allowed even though the returns of those respective years were not filed within the time prescribed u/s. 139(1) of the Act. Thus we hold that brought forward unabsorbed depreciation be allowed for set off against Long Term Capital Gains and we direct accordingly. - Assessee appeal allowed.
|