Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (3) TMI 1163 - HC - Income TaxClaim of Short Term Capital Gain sought to be set off against Short Term Capital Loss - Held that:- Revenue authorities including the CIT(A) and the ITAT carried out a detailed analysis of the transactions in question including the volume of holding, duration of holding and the dividend earned and other essential details. The lower authorities-including the AO considered the cumulative effect of these factors and also all the relevant authorities, starting from the judgment of the Supreme Court in Raja Bahadur Visheshwara Singh vs. Commissioner of Income Tax, (1960 (12) TMI 12 - SUPREME Court). In this background the assessee’s assertion that the previous year’s assessment-which had accepted the reporting of the transaction which he claims to be identical, is unpersuasive. The previous year’s assessment order (for AY 2008-09) in fact did not lead any discussion on this aspect and appear to have merely accepted the assessee’s contention. Those cannot by any stretch of imagination be conclusive. At any rate in such cases, one cannot apply the principle of res judicata or estoppel.
|