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’. The relevant findings of the learned Tribunal with regard to the aforesaid two questions as given in para 2.6 to 3.3 till are extracted hereunder for ready reference:-. We have heard the learned counsel for the parties at length and perused the relevant records &  relevant provisions of Section 41(2), Section 50 and Section 70. It is quite apparent from the assessment order that no evidence whatsoever was produced before the Assessing Officer regarding the details of this expenditure. The confusion over "loose" and "lose" is due to the lack of consistency in pronouncing words that end "oose" and "ose." Track every single bite you take. Reach your goals and continue to set new ones for a happier, healthier you! This is mainly because, long term capital losses were not allowed to be set off or carried forward on sale of listed equity shares and equity MF units as the capital gains arising from these were tax exempt u/s 10(38). The current cost net book value is $7200, so if the asset is being sold for $5000, there is a resulting loss on sale of $2200. Updated: 11 Nov 2020, 08:09 AM IST Tanya Thomas. You need to know how you’re doing before dinner. 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. Therefore, the second question also deserves to be answered in favour of the Assessee and against the Revenue. 3.1 On this issue the Assessing Officer noted that assessee has claimed an expenditure of Rs.3,56,949/- under the head “Recovery”. 10. Hence, Assessing Officer held that assessee cannot claim loss on sale of one of the motor vehicles of Rs.1,23,736/-. On The Other Hand, In Nature Of Khandala Hills All Around You Keeps You In Touch With The … 70(1) Save as otherwise provided in this Act, where the net result for any assessment year in respect of any source falling under any head of income, other than “Capital gains”, is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head.”. She submitted that the Assessee Company was in loss and was later on wound up and in the process of winding up, it not only sold some of its Assets on which depreciation was claimed by it under Section 32 of the Act and suffered losses thereon as the same was sold below the written off value of those assets in the Books of Accounts and therefore, such loss was clearly allowable as a Business Loss in the hands of the Assessee. The Tax Case Appeal was admitted on the following questions of law:-. Setting Macronutrient Goals: How Many Macros do You Need? Learn about the foods you’re eating and keep your calories within your daily budget. Advice from Successful Members. 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. Join our newsletter to stay updated on Taxation and Corporate Law. The second question of law is concerned also, we are of the opinion that the Business Expenditure incurred by the Assessee in the form of Postage, Courier and Stationery Charges could not be disallowed by the Assessing Authority and the Tribunal. Greenpromocode.com. on 20 December 2020. Hire an Experienced Listing Agent It is important to hire a listing agent to help you squeeze every dime possible out of selling your home. The Lose It app was created by Charles Teague and the company went international in 2015. The assessee contended that it was claiming losses u/s 41(2) of the Income Tax Act and that Section 50 is not applicable. 11. Hence he directed for deletion of this addition. 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. 50. 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