As per Mumbai Bench of the Tribunal in the case of Digital Electronics’ Ltd. v. Addl. CIT, brought forward business loss can be set off against short term capital gain on depreciable assets. Is there any judgement from superior jurisdiction on this issue? Softwares (Genius and KDK) only set off brought forward depreciation against such capital gain and not brought forward business loss. Is it wise to set off b/f business loss against such capital gain?
CAclubindia
