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2014 (10) TMI 108 - HC - Income TaxSet off of STCG on transaction of shares against LTCG on sale of immovable property – Held that:- Sub-section (2) and (3) of section 70 clearly states that where the result of the computation made for any AY in respect of any short-term capital asset is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset -the assessee shall be entitled to have the amount of loss set off against the income, if any, as arrived at under a similar computation made for the AY in respect of any other capital asset not being a short-term capital asset – the Tribunal also held the same – Decided against revenue.
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