Assessee is an individual carrying on the business of running a petrol pump. Assessee filed its return of income claiming set-off of brought-forward business loss against short-term capital gain from sale of depreciable business assets-Central Processing Centre (CPC) did not allow said set-off on the ground that there was no mechanism available in income-tax return for such set off. CIT (A) upheld the order of the CPC. On appeal, the Tribunal held that since there were no specific provisions under the Act which clearly provided that short-term capital gains assessable under section 50 could be set off against brought forward business losses,\u00a0 disallowance of set-off by CPC was correct. However, since the assessee had not placed reliance on the judgment of the High Court in the case of PCIT v. Alcon Developers (2020) 432 ITR 277 (Bom)(HC), the matter was remanded to the Assessing Officer for fresh consideration. (AY. 2019-20)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 72: Carry forward and set-off of business losses-Depreciable assets-Business loss short-term capital gains-Disallowance of set-off by CPC was affirmed-Matter remanded to the file of Assessing Officer to consider the Judgment in PCIT v. Alcon Developers (2020) 432 ITR 277 (Bom)(HC).[S. 50, 143(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60928","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fQI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=60928"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60928\/revisions"}],"predecessor-version":[{"id":60929,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60928\/revisions\/60929"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}