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2019 (11) TMI 1708 - AT - Income TaxSet off of Long Term Capital Gains (LTCG) against brought forward Long Term Capital Loss (LTCL) - assessee claimed set off of LTCG arising from the sale of flat in Mumbai against brought forward capital loss arising from sale of shares of public limited company listed in Stock Exchange - AO held LTCG where STT is paid, is exempt from tax u/s 10(38) and loss arising from the sale of shares of listed companies in Stock Exchange with STT paid is dead loss and denied set off of Long Term Capital Gains against brought forward loss - HELD THAT:- We find that Co-ordinate Bench of this Tribunal in case of Shri Somnath Vaijanath Sakre [2019 (3) TMI 1689 - ITAT PUNE] for assessment year 2012-13 held that the assessee therein is entitled to set off loss of Long Term Capital Gains from the shares on which security transaction is paid or payable against the Long Term Capital Gains earned from shares on which no security transaction is paid or payable. In order to come to such conclusion, Co-ordinate Bench placed reliance on the order of Mumbai ITAT in the case of Raptakos Brett & Co. Ltd., [2015 (6) TMI 529 - ITAT MUMBAI]. We find the facts and circumstances of the said case are similar, basing on same identical facts. Therefore, in our opinion, in the present case, the assessee is entitled to set off of brought forward losses from Long Term Capital Gains from the shares listed in Stock Exchange on which security transaction is paid or payable - Decided in favour of assessee.
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