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2021 (9) TMI 136 - AT - Income TaxRectification of mistake u/s 154 - application of provision of 50C on sale of an asset - set off of brought forward business loss against Technical Short Term Capital Gains arising out of the sale of depreciable business assets - AO brought to tax the brought forward business loss which was reduced from STCG - HELD THAT:- As assessee itself has offered the income under the head “Short Term Capital Gain” and not as business income. Therefore, under the provisions of section 72(1), the brought forward business loss can be set off only from business income and cannot be set off from STCG. The assessee has not been able to controvert this find of the lower authorities. Therefore, the assessee’s appeal is dismissed on merits.
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