Revision u/s 263 - default in allowing LTCL by AO - writing off ...

Court Confirms Revision Order: AO's Error in Allowing Long-Term Capital Loss on Machinery Advances u/s 263.

April 13, 2020

Case Laws Income Tax AT

Revision u/s 263 - default in allowing LTCL by AO - writing off of advances for machinery and claiming the same as long-term capital loss to be carried forward has nothing to do with "note on allowability of provision written back". - there is enquiry and application of mind by the assessing officer is not all sustainable - Revision order confirmed - AT

View Source

← Previous Next →

Revision u/s 263 - default in allowing LTCL by AO - writing off ...

Court Confirms Revision Order: AO's Error in Allowing Long-Term Capital Loss on Machinery Advances u/s 263.

April 13, 2020

Case Laws Income Tax AT

You may also like:

Regarding long-term capital gain determination, indexed cost of acquisition claimed by assessee at Rs. 45 lakhs for property valued over Rs. 45 lakhs, evidenced by...

Denial of carry forward of long term capital loss - When the he taxed the difference in amount under short term capital gain and also disallowed short term capital loss...

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

Non setting off the short term capital gain against long term capital loss brought forward - There is merit in the contentions of the appellant that prior to amendment...

Revision u/s 263 by CIT - Wrong claim of carry forward of long term capital loss - the long term capital gain, which is exempted under section 10(38) of the Act, would...

Set off of brought forward business loss and brought forward long term capital loss - capital gains computed u/s 50 is be deemed to be short-term capital gains and this...

ITAT ruled on long-term capital gains from unlisted shares under India-Mauritius DTAA, specifically addressing loss carry-forward without offsetting against capital...

Set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land allowed.

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Transfer of capital asset by a company to its subsidiary company - Long term capital gain v/s long term capital loss - transaction cannot be regarded as transfer u/s...

Short term capital loss - sale of plant & machinery as scrap - the alleged short term capital loss as claimed by the assessee on sale of machineries cannot be allowed,...

Set off the business losses against the capital gains u/s 71 - The assessee in the return of income did not set off the business loss against the short term capital gain....

The ITAT Mumbai addressed errors in capital gain computation. The Assessee's claim of ₹ 859,680 was accepted over the AO's ₹ 791,221. An application u/s 154...

Long term or Short term capital gain - holding period of asset - benefit of indexation - Transfer of property - Assessee has acquired a right in the asset and such right...

Computation of capital gains - Non-resident - Long term capital Gain / loss on share transactions - Benefit of indexation - it cannot be disputed that if as per section...

Quick Updates: