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The Economic Times
The Economic Times
Business
Neelanjit Das

Man paid lower income tax by setting off business loss against long term capital gains but received income tax notice; wins case in ITAT Delhi

ITAT Delhi Chandra ITAT Income Tax New Delhi capital gains Tax Return

When Mr Chandra from Kaka Nagar, Delhi, filed his income tax return (ITR) for AY 2022-2023 on October 22, 2022, he used his business loss to reduce his long term capital gains. This single incident became the point of a long-standing dispute with the Income Tax Department.

What happened was, Chandra had declared a total income of Rs 17.39 lakh. He had a business loss of Rs 10.12 lakh and LTCG of Rs 21.29 lakh. The Centralised Processing Centre (CPC) Bengaluru reviewed his ITR and changed the sequence of set off and adjusted the business loss first against the income from house property (Rs 7,69,087) and the balance against income from other services.

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