No Bar u/s 115 BAC to Carry Forward and Set off Losses Under Capital Gains: ITAT

The Income Tax Appellate Tribunal (ITAT) ruled that Section 115BAC of the Income Tax Act does not prevent an assessee from carrying forward and setting off losses under capital gains. The assessee had claimed the benefit of set-off under capital gains, which the tax authorities had denied. ITAT clarified that the provisions of Section 115BAC, which govern the alternate tax regime, do not bar the taxpayer from availing of such benefits, thus allowing the set-off of losses. The decision provides clarity on the interpretation of the section.