The Income Tax Appellate Tribunal (ITAT) Bangaluru has granted relief to a taxpayer whose claim to carry forward a capital loss of Rs 2.99 lakh in a revised income tax return (ITR) was rejected by the Income Tax Department.
The judgement came in a case filed by Mr Joshi from Kathriguppe, Bengaluru. According to the submission, Joshi had filed his original ITR on October 5, 2021, declaring a taxable income of Rs 1.31 crore. Nearly six months later, on March 31, 2022, he filed a revised ITR, reporting additional short-term capital gains of Rs 4.63 lakh and long-term capital gains (LTCG) of Rs 2.26 lakh. He also paid the additional tax arising from these capital gains disclosures.
