ITAT Upholds Disallowance of LTCL for Sun Pharma Labs Due to Non-Claim in Returns [Read Order]

This loss was not reported in the returns, which led to its disallowance, as section 139(3) mandates that such losses must be claimed in the return filed under section 139(1)
By Sneha Sukumaran Mullakkal - On October 11, 2024 8:40 pm - 2 mins read
ITAT - ITAT Ahmedabad - Sun Pharma Labs - LTCL Disallowance - Tax Returns - Sun Pharma Labs disallowance - Long term capital loss - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) upheld the disallowance of the long-term capital loss ( LTCL ) for Sun Pharma Laboratories Ltd. due to failure to claim the loss in both the original and revised returns. Sun Pharma Laboratories Ltd.,the appellant-assessee,had acquired leasehold rights for a plot of land through…

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