Section 50C Asset Sale: Business Loss Set Off Rules

Provisions of section 50C on sale of an asset

Quick Summary

This Income Tax Appellate Tribunal case clarifies the application of Section 50C regarding the sale of an asset. The Assessing Officer initially allowed a business loss to be set off against Short Term Capital Gain (STCG) from the asset sale. However, this was later rectified, as business losses can only be set off against business income, not STCG, according to Section 72(1) of the Act. The assessee's appeal was dismissed on these grounds.

Court :
ITAT Hyderabad

Brief :
This is assessee�s appeal for the A.Y 2009-10 against the order of the CIT (A)-1, Hyderabad, dated 24.11.2017.

Citation :
ITA No.377/Hyd/2018

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

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3 Years PLAN

4999

(Excl. of GST ₹899)

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Attached File : 1442821_4336_1630308070_ita_no_377_of_2018_chandana_constructions_p_ltd_hyderabad.pdf

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Judgement posted by

Poojitha Raam Vinay

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I simplify complex income tax, TDS, banking, and investment updates into practical insights for taxpayers, salaried professionals, pensioners, and senior citizens. I regularly write on ITR filing, tax compliance, savings schemes, and the latest financial rule changes in India.

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