- More
- Back
Taxbuzz | Karnataka HC approves set off of Capital Gain against brought forward Business Loss June 29, 2021
Published in: TaxBuzz
DISCLAIMER: The material contained in this publication is solely for information and general guidance and not for advertising or soliciting. The information provided does not constitute professional advice that may be required before acting on any matter. While every care has been taken in the preparation of this publication to ensure its accuracy, Vaish Associates Advocates neither assumes responsibility for any errors, which despite all precautions, may be found herein nor accepts any liability, and disclaims all responsibility, for any kind of loss or damage of any kind arising on account of anyone acting/ refraining to act by placing reliance upon the information contained in this publication.
We are pleased to share with you a copy of our in-house publication – “TaxBuzz…”, wherein we have analysed the recent decision of Karnataka High Court in the case of Nandi Steels Limited on the issue of allowability of set off of brought forward Business Loss against income chargeable to tax under the head ‘Capital Gain’.
The principle laid down by the Karnataka High Court in above decision shall be of great assistance and boon to various loss-making taxpayers/ companies, including a corporate debtor undergoing insolvency resolution process under the Insolvency and Bankruptcy Code (IBC), who may have to undertake distress sale of business capital assets to mobilise resources.
To read the TaxBuzz, click at the ‘Download Newsletter.
We trust that you will find the same useful.
Looking forward to receiving your valuable feedback.
For any details and clarifications, please write to:
Rohit Jain : [email protected]
Divyam Mittal: [email protected]
