Taxbuzz | Karnataka HC approves set off of Capital Gain against brought forward Business Loss June 29, 2021
Published in: TaxBuzz
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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.
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We trust that you will find the same useful.
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