As per Mumbai Bench of the Tribunal in the case of Digital Electronics’ Ltd. v. Addl. CIT, brought forward business loss can be set off against short term capital gain on depreciable assets. Is there any judgement from superior jurisdiction on this issue? Softwares (Genius and KDK) only set off brought forward depreciation against such capital gain and not brought forward business loss. Is it wise to set off b/f business loss against such capital gain?
3 Replies
Saurabh Maheshwari
(B.com,ACA)
(5923 Points)
Replied 27 August 2014
Hello Sir,
But b/f business loss cannot be set off against any souce of income(except B&P)...
so on what merits ITAT has decided the case other way is not clear..can you please povide link for copy of full judgement..
CA Ankit Adhyaru
(Partner - Yusuf Ankit & Co.)
(201 Points)
Replied 27 August 2014
Please check the Tribunal decision.
https://www.bcasonline.org/ContentType/Contentin.asp?10186
gowthu
(ca)
(43 Points)
Replied 28 August 2014
Carry forward depreciation can be set off any other head of sources.
We can set off business loss from any head of incom except salary
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