Karnataka HC Upholds Deletion of Disallowance of Short Term Capital Loss Citing Monetary Limit Circular [Read Order]

The High Court of Karnataka has upheld the decision of ITAT to set aside the disallowance of the Short Term Capital Loss, dismissing the revenue’s appeal based on procedural correctness.
Karnataka High Court - Disallowance - Short Term Capital Loss - Karnataka HC - Capital Loss - Taxscan

The court upheld the decision of the Income Tax Appellate Tribunal ( ITAT ) to delete the disallowance of short-term capital loss claimed by M/s Agnus Holdings Pvt. Ltd. and dismissed the Revenue’s appeal, citing the applicability of the Central Board of Direct Taxes ( CBDT ) circular that sets a monetary limit for filing…

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