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2019 (11) TMI 634 - AT - Income TaxSet off of long term capital loss on sale of shares with long term capital gain - HELD THAT:- Co-ordinate Bench of Kolkata Tribunal in the case of United Investments vs. ACIT [2019 (9) TMI 366 - ITAT KOLKATA] had also endorsed the same view. We find that the provisions of Section 70-80 of the Act does not speak about payment of STT at all. There is no mention of STT even in Section 74 of the Act which talks about set off of carry forward of losses under the head “capital gains”. Respectfully following the aforesaid decision, we are inclined to accept the argument of the ld. AR that the source of income remains income derived from transfer of shares and that STT paid long term capital loss and non-STT paid long term capital gains are only segments of such source and cannot be construed as a separate source altogether. We hold that assessee is entitled for set off of STT paid long term capital loss with non-STT paid long term capital gains in the facts of the instant case. Accordingly, the grounds raised by the assessee are allowed.
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