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2011 (4) TMI 721 - AT - Income TaxSet off of indexed long term capital loss against non-indexed long term capital gains - assessee submitted that when long term capital loss is carried forward, the same is allowed to be set off without any restriction with regard to the mode of computation of such loss. He also submitted that section 70(2) of the Act in the context of set off short term capital loss has used the similar expression. In this regard he submitted that while computing short term capital loss the mode of computation cannot be different as in the case of computation of long term capital loss/gain. According to him this also suggests that the expression "similar computation" refers to the computation under sections 48 to 55 of the Act and not the computation (under) second proviso to section 48 of the Act vis-à-vis proviso to section 112(1) of the Act - Held that that the expression "similar computation" used in section 70(3) of the Act does not refer to the computation under sections 48 to 55 of the Act and not the computation second proviso to section 48 of the Act vis-à-vis proviso to section 112(1) of the Act but the computation under sections 48 to 55 of the Act - The Assessing Officer is therefore directed to accept the claim of the assessee in this regard - The appeal of the assessee is accordingly allowed.
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