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2016 (4) TMI 707 - AT - Income TaxAllowance of STCL on STT paid transactions to be set off against the STCG on non-STT paid transactions - Held that:- Following the aforesaid decision of the co-ordinate bench of this Tribunal in the case of First State Investments (Hong Kong) (2009 (7) TMI 908 - ITAT MUMBAI ), we hold that the set off as proposed by the assessee in the case on hand is to be allowed, and accordingly uphold the order of the Ld. CIT(A) in directing the Assessing Officer to permit the set off of the STCL (STT paid) against STCG’ (non STT paid). - Decided against revenue Tax levy on STCG - Held that:- We concur with the observations of the Ld. CIT(A) that no reasons have been given by the Assessing Officer for taxing the said STCG’ @ 30%, whereas the assessee has shown the same as STT paid and therefore liable to tax @10% in the return of income. Evidence to this effect has also been placed before us at pgs 41 and 60 of the assessee’s paper book which indicate that the assessee has in fact paid STT in respect of this transaction. Before us, Revenue has failed to controvert both the evidence placed before us and the finding of the Ld.CIT(A) in this regard. In this factual matrix of the case, we uphold the order of the Ld. CIT(A) on this issue in directing the Assessing Officer to tax this amount of ₹ 7,04,43,724/- @ 10%.- Decided against revenue
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