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2016 (2) TMI 800 - MADRAS HIGH COURT

2016 (2) TMI 800 - MADRAS HIGH COURT - TMI - Rectification of mistake - adjustment of the business loss against long term capital gains - assessee contended that Section 71(2) uses the expression 'may' indicating that they have an option either to adjust or not to adjust the business loss against capital gains - Held that:- We do not think that the view taken by all the three Authorities is contrary to law. It is true that under Section 71(2), the assessee may set off, against other income asses .....

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. For the Appellant : Mr. R. Venkatanarayanan For the Respondent : Mr. T. Ravikumar JUDGMENT The above tax case appeal, filed by the assessee, was admitted on 7.7.2008 on the following substantial questions of law : "(i) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in confirming the action of the Assessing Officer in rectifying the assessment order under Section 154 of the Income Tax Act, adjusting the business loss against long term capital gains .....

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9; and the long term capital gains ought to be set off against the loss under any other head of income ?" 2. Heard Mr.R.Venkatanarayanan, learned counsel for the appellant/ assessee and Mr.T.Ravikumar, learned Standing Counsel for the Department. 3. For the assessment year 1999-2000, the assessment was completed on 26.3.2002 determining the total income of more than ₹ 17 crores. In computing the total income, business loss of more than ₹ 85 crores had not been adjusted against t .....

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