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2004 (5) TMI 42 - RAJASTHAN HIGH COURTShort-term capital loss – set off - "(1) Whether, on a correct interpretation of section 70(2)(i), the Appellate Tribunal erred in law in holding that short-term capital loss in respect of one asset could be set off against short-term capital gain in respect of another asset in the same assessment year? (2) Whether on a correct interpretation of section 71(3), the Appellate Tribunal erred in law in holding that short-term capital loss can be sought to be set off against income assessable under any head of income other than capital gains (i.e., against income from other sources also) even if there is income from capital gains?" - We answer both the questions in the negative, i.e., in favour of the Department and against the assessee.
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