MAASIS INTER FASHION PRIVATE LIMITED,KOLKATA vs. ACIT, CIRCLE 11(1), KOLKATA,, KOLKATA

ITA 1864/KOL/2026Status: DisposedITAT Kolkata25 August 2026AY 2022-202311 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had correctly disclosed the long-term capital loss and had added it back to its income, not claiming it as a set-off against current year's income. The Tribunal noted that the sale was supported by documentation and a valuation report.

What were the facts?

The assessee, a private limited company, claimed a long-term capital loss of Rs. 6.34 crores on the sale of unquoted equity shares. The Assessing Officer disallowed this loss, treating it as non-genuine, and the CIT(A) upheld this decision. The assessee had disclosed the loss in its return but added it back to its income, intending to carry it forward.

What were the issues?

Whether the disallowance of long-term capital loss was justified when the assessee had added it back to income and intended to carry it forward, and whether the assessment proceedings were valid.

Which sections of the Income-tax Act were involved?

Section 143(3),Section 74

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, KOLKATA

Before: Shri Rajesh Kumar & Shri Pradip Kumar Choubey

Per Pradip Kumar Choubey, Judicial Member:

This appeal filed by the assessee is directed against the order

dated 23.03.2026 of the National Faceless Appeal Centre (NFAC),

Delhi, passed under Section 143(3) of the Assessment Year 2022-23

of the Income Tax Act, 1961 (hereinafter referred to as “the Act”).

2.

The Brief facts of the case of the assessee is

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 74

All 199 judgments and leading authorities on Section 74 →

Recent GST High Court judgments

Search GST case law →