Revision u/s 263 by CIT - Wrong claim of carry forward of long ...

Case Laws Income Tax

April 15, 2022

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 not enter in the computation of total income of the assessee, therefore, assessee cannot set off its current year and previous year`s long term capital loss against such long term capital gain, which is exempted under section 10(38) of the Act, therefore, the stand taken by the ld PCIT is wrong. - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - Wrong claim of carry forward of long ...

Case Laws Income Tax

April 15, 2022

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...

Carry forward of long term capital loss incurred on sale of listed securities while claiming exemptions u/s 10(38) on profits - AO directed to assess the long term...

Carried forward of loss determined under section 74 read with section 80 - long-term capital loss - As the assessee filed its original return declaring the positive...

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...

Revision u/s 263 by CIT - set off of brought forward business loss from the income assessable under the head 'Capital Gain' - gain of depreciable assets by entering into...

Set off and carried forward of long-term capital loss against the long-term capital gain - if the loss arising in the previous year was under a head not chargeable to...

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...

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...

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....

Carry forward of unabsorbed long term capital loss - As the claim of the assessee is in accordance with the scheme of the Act viz. firstly allowing relief u/s.54EC while...

Disallowance of set off of brought forward loss from transfer of short-term capital asset against gains arising from transfer of long-term capital asset - provisions of...

The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

Quick Updates: