Asst. CIT vs. Shapoorji Pallonji Solar Holdings Pvt. Ltd.
Case No: ITA No. 5135/Mum/2024
Court: Income Tax Appellate Tribunal 'G' Bench, Mumbai
Date: 1/23/2026
Parties Involved
RespondentAsst. CIT, Circle 3.3.1
AppellantShapoorji Pallonji Solar Holdings Pvt. Ltd.
Facts Summary
The assessee, Shapoorji Pallonji Solar Holdings Pvt. Ltd., a resident corporate entity engaged in the business of generation and supply of Power and Energy, filed its return of income for the assessment year 2021-22 declaring a loss. The return was selected for complete scrutiny, primarily to examine the low profit ratio. During the assessment proceedings, the Assessing Officer (AO) disallowed the claim of Long Term Capital Loss (LTCL) of Rs.183,00,38,564/- on the sale of shares, alleging lack o…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the CIT(A) erred in holding that the AO did not give adverse findings against the assessee on the issue of Long Term Capital Loss (LTCL) carried forward.
- 2. Whether the CIT(A) erred in holding that the AO accepted the assessee's submissions on LTCL.
2 more legal issues analysed in this judgement.
Precedents Relied Upon
2 precedents cited in this judgement.