2024 (1) TMI 1315 - AT - Income Tax

Long term capital loss - transfer of land to Delhi Development Authority - HELD THAT - Assessee claimed this loss by way of revised return in which it stated that this loss on surrender of land to DDA was claimed in A.Y 2001-02 wherein the claim has been disallowed and without prejudice to the claim in A.Y 2001-02 claim is made in A.Y 2004-05 as an abundant precaution. The assessee explained the underlying facts which gave rise to the claim of loss. Since the claim of loss pertains to A.Y 2001-02 the same shall be considered in that A.Y and therefore we do not find any fault in disallowing the claim in the year under consideration. Decided against assessee.

Summary

The appeal by the assessee against the order of the ld. CIT(A) pertaining to A.Y. 2004-05 was dismissed by the Appellate Tribunal ITAT DELHI. The claim of rejection of long term capital loss of Rs. 132,48,60,804 on transfer of land to Delhi Development Authority was upheld. The loss was claimed in A.Y 2001-02 and disallowed, so the claim in A.Y 2004-05 was also rejected.