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2017 (4) TMI 721 - AT - Income TaxAbility to offset short-term capital losses (‘STCLs’) first towards short-term capital gains (‘STCGs’) generated from transactions in derivatives and then subsequently towards STCGs from sale of equity shares which were subject to securities transaction tax (‘STT’) - Held that:- Under the provisions of section 70(2), STCL arising from any asset can be set off against STCG arising from any other asset under a similar computation made. Merely because the two set of transactions are liable for different rate of tax, it cannot be said that income from these transactions does not arise from similar computation made as computation in both the cases has to be made in similar manner under the same provisions. Therefore, STCL arising from STT paid transactions can be set off against STCG arising from non-STT transactions. - Decided in favour of assessee.
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