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2013 (5) TMI 411 - HC - Income TaxLoss on sale of shares - whether can be set off against income from sale of shares exempted not forming part of income under Section 10(38) - Held that:- Section 10 falling under Chapter III of the Act contemplates the income which are not included in the expression 'total income'. Sub Clause 38 of Section 10 contemplates that any income arises from the transfer of Long Term Capital Assets is not an income. Therefore, the income from the sale of shares of the relevant year is not an income, which can be set off from the loss from sale of shares earned in the previous year - order of the Tribunal does not warrant any interference
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