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25 November 2022 Hi all,

My client is not allowed to claim set-off, in A.Y. 2021-22, of capital losses(u/s 111A & 112A) incurred in A.Y. 2020-21. ITR of both the Assessment Years are filed on or before due date u/s 139(1). No reason for denial of set-off is available. Rectification request u/s 154 for mistake apparent from record in the intimation received u/s 143(1) has not worked out.

Kindly share your experience with the same matter.

25 November 2022 Need to check your claims of loss. It seems department has not accepted your loss claim in AY 2020-21.

25 November 2022 Respected Sir,
I have verified in ITR-Form of A.Y. 2020-21, Losses have been correctly claimed and also processed by Department.

25 November 2022 Section 74 OF I T Act:

Loss under the head "Capital Gains" can be carried forward and set off as follows:

Loss from short term capital asset can be set-off both against Long Term Capital Gain and Short-Term Capital Gain;
Loss from long term capital asset can be set off only against income from long term capital asset.
Loss under the head 'Capital Gains' can be carried forward for 8 years.

Whether you had claimed loss in ITR of AY 2021-22, by filing all the schedules like bough forward losses, & finally adjusting the same under Schedule CG etc..???

26 November 2022 Respected Sir,

I have attached all the required schedules and supporting calculations in ITR of both the Assessment years.
I am not able to figure out any reason for dis-allowance of set-off.

27 November 2022 It needs to be checked thoroughly by an expert, so can't tell specific reason for denial.

28 November 2022 Thank you very much for your timely response.

28 November 2022 You are welcome ..

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