9911796707
TMI Blog2024 (9) TMI 206X X X X Extracts X X X X X X X X Extracts X X X X ..... er the brought forward loss is in the nature of brought forward capital loss and if so then claim of the assessee shall be allowed in accordance with law. The ground of the appeal of the assessee is allowed for statistical purposes. - Shri Om Prakash Kant (Accountant Member) And Shri Sunil Kumar Singh (Judicial Member) For the Assessee : Mr. Jagdish Shetty For the Revenue : Ms. Rajeshwari Menon, Sr. DR ORDER PER OM PRAKASH KANT, AM This appeal by the assessee is directed against order dated 13.12.2023 passed by the Ld. Commissioner of Income-tax (Appeals) Pune-11 [in short the Ld. CIT(A) ] for assessment year 2020-21, raising following grounds: 1. On the basis of facts and circumstances of the case, the Learned Commissioner of Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, however the assessee filed rectification application on 15.12.2022 seeking rectification on the adjustment of the set off of brought forward loss. However, same was rejected by the AO CPC and against which the assessee preferred appeal before the Ld. CIT(A). The Ld. CIT(A) though accepted the contention of the assessee that it is at liberty to choose which set off of income it wishes. However, as far as brought forward loss of Rs. 15,72,530/-, is concerned, The Ld. CIT(A) noted that it was a brought forward business loss and therefore, declined for adjustment of the same against the current years capital gain income. Aggrieved, the assessee is in appeal before the Tribunal by way of raising grounds as reproduced above. 3. We have heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the brought forward loss of Rs. 15,72,530/- against the current years capital gain as per the provisions of section 74 of the Act. For ready reference said provision is reproduced as under: Section 74 in The Income Tax Act, 1961 74. [ Losses under the head Capital gains . (1) Where in respect of any assessment year, the net result of the computation under the head Capital gains is a loss to the assessee, the whole loss shall, subject to the other provisions of this Chapter, be carried forward to the following assessment year, and- (a) in so far as such loss relates to a short-term capital asset, it shall be set off against income, if any, under the head Capital gains assessable for that assessment year in respect of any other capital asset; ..... X X X X Extracts X X X X X X X X Extracts X X X X
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