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2018 (6) TMI 1800 - AT - Income TaxShort Term Capital Loss (on which STT was paid) set off against the Short Term Capital Gain (on which STT is not paid) - AO held that the assessee cannot set off the short term capital gain (Non STT paid) against the short term capital loss of STT related transaction because the STCG earned on account of Non STT paid chargeable to tax @30% whereas assessee opted to set off STT paid STCL liable to tax@10% under section 111A against the STCG earned on account of non STT paid which is chargeable to tax @30% under the Act - HELD THAT:- CIT(A) by following the decision in case of First State Investments (Hongkong) Ltd. [2009 (7) TMI 908 - ITAT MUMBAI], Fidelity Investment Trust Fidelity Overseas Fund [2009 (8) TMI 856 - ITAT MUMBAI] and ADIT v. Legg Mason Asia (Ex Japan) Analyst Fund [2013 (11) TMI 361 - ITAT MUMBAI] held that the assessee is entitled to set off STCL (STT paid) against STCG (non STT paid) transaction as computed during the year. Therefore, the assessing officer is directed to allow set off the STCG earned on (non STT) transaction. We have noted the ld. CIT(A) passed order by following the various orders of Tribunal, hence, we do not find any reasons to interfere with the order. No contrary decision was brought to our notice. Therefore, the ground of appeal raised by revenue is dismissed - Appeal filed by the revenue is dismissed.
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