The ITAT Mumbai addressed errors in capital gain computation. ...

Assessee's capital gain computation corrected u/s 154. Set-off of short-term capital loss against gains allowed. Tax provisions clarified.

Case Laws Income Tax

June 5, 2024

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 highlighted 4 computational errors, directing AO to correct them. Set-off of short-term capital loss against gains was disputed. AO's method was challenged as not granting set-off on gains taxed at 30%. Section 70(2) allows inter-head adjustment for capital gains. The Assessee argued for setting off short-term capital loss (subject to securities transaction tax) against gains not taxed under section 115AD at 30%. Both gains and losses were computed u/r sections 48-55, which do not specify tax rates. ITAT ruled in favor of the Assessee, allowing the set-off as per section 70(2). AO was directed to permit the set-off, supporting the Assessee's appeal.

View Source

← Previous Next →

The ITAT Mumbai addressed errors in capital gain computation. ...

Assessee's capital gain computation corrected u/s 154. Set-off of short-term capital loss against gains allowed. Tax provisions clarified.

Case Laws Income Tax

June 5, 2024

You may also like:

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...

Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal...

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....

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...

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 of carried forward Business losses against the Short Term Capital Gains u/s 72 - the gain on sale of office premises represents profits of business - the brought...

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...

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...

Non setting off carried forward business loss against the Capital Gain computed u/s 50 - sale of depreciable assets - legal fiction is to be deemed the capital gain as...

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...

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...

Assessee has rightly claimed short term capital loss which is eligible to be set off against long term capital gain and the impugned transaction is neither “sham” nor...

Set off of loss from assets on which depreciation was claimed - under section 74(1)(b) the assessee is entitled to the claim of set off of long term capital loss against...

Short Term Capital Loss (on which STT was paid) set off against the Short Term Capital Gain (on which STT is not paid) - Section 70(2) of the Act does not make any...

Quick Updates: