From the aforesaid Scheme of Provisions of the Act and the argument of the learned counsel for the Assessee, we are satisfied that the learned Tribunal has erred in disallowing the loss suffered by the Assessee on the sale of the Assets on which it claimed depreciation under Section 32 of the Act. Greenpromocode.com. Learn more. lose definition: 1. to no longer have something because you do not know where it is: 2. to have something or…. Track every single bite you take. Per contra, the learned counsel for the Revenue Mr. J. Narayanasamy, learned Senior Standing Counsel supported the impugned order of the learned Tribunal . Would you recommend Lose It to friends & family? Assessee had made investment in shares of two subsidiary. We hereby do so. Similar to MyFitnessPal, this app for losing weight has different formulas built in that tell you how many calories you are burning for the exercises you are doing. All Rights Reserved. Get motivated with these nutrition and wellness tips and user success stories! In such case, Section mandates that realized value to the extent represented by cost and WDV of the asset should be charged to income as ‘business income’. Since in the present case, the business of the Assessee was closed during the relevant previous year itself therefore, the other situation of Carrying Forward such Business Loss is not really relevant but, such loss suffered actually by the Assessee could not have been disallowed by misconstruing both these provisions. You need to know how you’re doing before dinner. Learn about the foods you’re eating and keep your calories within your daily budget. Hence he directed for deletion of this addition. Find 21488+ Flats for Sale, 611+ Houses/Villas for Sale. Track your water intake to make sure you're getting the recommended amount daily. We are of the opinion that even if these provisions talk only of taxability on the excess received by the Assessee over the written down value of the assets, it cannot exclude or ignore the minus figure or loss occurring on such sale transactions. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. It has the following meaning: (1) Fail to keep (either physically or in an abstract sense), to misplace, fail to make money in … 9. In our opinion, since the sale of those Assets of the Block of Assets, not being immovable property of the Assessee, were sold during the regular course of business, before it was wound up during the relevant previous year, the loss occurring on such sale at a figure less than the written down value of the assets should be treated as “Business Loss” under Section 41(2) of the Act, quoted above. The treatment of such losses as Capital Gains either as Short Term Capital Gains or Long Term Capital Gains would depend upon the period for which assets are held by the Assessee. The assessee’s claim that what is sold is not a capital asset is also not acceptable. We have heard the learned counsel for the parties at length and perused the relevant records. Save up to 10% OFF with these current lose it coupon code, free loseit.com promo code and other discount voucher. Reach your goals and continue to set new ones for a happier, healthier you! Therefore, merely because the Assessee could not recover the whole or part of the said expenditure incurred in the course of business, particularly to comply with the guidelines laid down by SEBI and claim such unrecovered expenditure as deduction from its income, the same could not have been disallowed by the Authorities below. You can use a capital loss to offset a profit from selling a capital asset, which is known as a capital gain, for tax purposes. Section 41(2) falls under Part D of Chapter IV which provides for ‘Computation of Total Income’ . Questions would this constitute a trading loss or a capital asset is not... 45 to 55A deals with capital Gains in case of depreciable assets of Rs.6,83,244/-when computing Income the! Behaviors and progress straight to your inbox your calories within your daily budget computing Income under the head Business. 11 Nov 2020, 08:09 AM IST Tanya Thomas no such finding of such not! Be willing to make the choice each morning to fight for your and! ) lose it sale actual cost of any treatment as per Section 41 ( 2 falls... The Tax case Appeal was admitted on the Log Screen ; How use... Make a stunning multi-million-pound loss on asset sale hits Hindalco ’ s profit 2 read. 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