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2012 (6) TMI 182 - ITAT DELHISetting off the claim of brought forward speculation loss against the speculative income - AO rejected the claim of assessee on the ground that such a claim was not made in the return of income – Held that:- AO has not assigned any reason for not granting the set off of income against brought forward losses - simply observing that assessee has not made this claim in the original return filed by him cannot disallow setoff as this income was duly declared by him but under a different head – in favour of assessee. Short term capital gain disclosed by the assessee relates to those transactions where assessee has taken delivery of the shares submitting all the details before the AO and if the revenue wants to tax these amounts carried on sale of shares during this year and shown as short term capital, as business income then revenue has to allow the deduction in respect of STT paid by the assessee
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