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M/s Ashok Leyland Ltd. Versus The Assistant Commissioner of Income Tax

2016 (2) TMI 800 - MADRAS HIGH COURT

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 again .....

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'capital gains', the loss, if any, arising out of computation of different heads of income. But, Section 71(2) does not operate on a stand alone basis. As rightly observed by the Tribunal, the provisions of Section 72(1) may have to be read together. .....

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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 Tribun .....

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mstances of the case, the Tribunal failed to appreciate that long term capital gains of domestic company is subject to tax independently under Section 112(1)(b) of the Act and the other income/ loss has to be assessed separately as its total income ? .....

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e 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 a .....

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7,705/-. Considering the above as a mistake apparent from the record, a notice for rectification was issued under Section 154 on 6.9.2004 for revision of assessment. 4. Though the assessee contended that Section 71(2) uses the expression 'may' .....

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