SH. ANIL SHARMA,DELHI vs. ITO WARD-30(1), DELHI

ITA 1402/DEL/2025Status: DisposedITAT Delhi18 November 2025AY 2023-247 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that Section 70 of the Income Tax Act allows set off of capital losses against capital gains under the same head ('Income from Capital Gains'), irrespective of the tax rates applicable. Therefore, the disallowance by the CPC and CIT(A) was incorrect.

What were the facts?

The assessee claimed set off of brought forward long-term capital loss and current year short-term capital losses against long-term capital gains. The CPC disallowed this set off, and the CIT(A) upheld the disallowance, stating that the tax rates for gains and losses were different.

What were the issues?

Whether brought forward long-term capital loss and current year short-term capital losses can be set off against long-term capital gains under Section 70 of the Income Tax Act, irrespective of differing tax rates.

Which sections of the Income-tax Act were involved?

Section 70

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI “C” BENCH: NEW DELHI

Before: SHRI SUDHIR KUMAR & SHRI MANISH AGARWAL

For Appellant: Shri Vipin Jain, AR
For Respondent: Shri Om Parkash, Sr. DR
Hearing: 20.08.2025Pronounced: 18.11.2025

PER MANISH AGARWAL, AM : The present appeal is filed by assessee against the order dated 19.02.2025 of Ld. Commissioner of Income Tax (A),/ADDL /JCIT(A)- 3, Chennai [“Ld. CIT(A)”] in Appeal No. ADDL/JCIT(A)-3, Chennai/10020/2022-23 passed u/s 250 of the Income Tax Act, 1961 [“the Act”] arising out of intimation order u/s 143(1) of the Act dated 28.02.2024 pertaining to Assessment Year 2023-24. 2. Brief facts of the case are that assessee is an individual and filed his return of income on 05.07.2023 declaring total income of INR 1,04,31,185/- after claiming set off of brought forward Long term capital loss of INR 7,09,283/- and further claimed set off

The order continues below.

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