Paramanand and Sons Vs. The Income Tax Officer
Case No: ITA No.2055/Bang/2024
Court: Income Tax Appellate Tribunal, ‘A’ Bench, Bangalore
Date: 1/28/2025
Parties Involved
appellantParamanand and Sons
respondentThe Income Tax Officer, Ward – 5(2)(1), Bengaluru
Facts Summary
The assessee, a partnership firm, filed its return of income declaring a business loss of Rs. 49,02,660/-, income from other sources amounting to Rs. 2,97,768/-, and long-term capital gains of Rs. 17,22,654/- only. The assessee opted to set off the income from other sources against the business loss and carry forward the unabsorbed business loss of Rs. 46,04,890/-. The capital gains were separately offered to tax, and the assessee discharged the applicable tax liability of Rs. 3,58,312/-. Howeve…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the assessee has the option under section 71(2) of the Act to set off business losses against income under the head capital gain.
Precedents Relied Upon
3 precedents cited in this judgement.