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2015 (1) TMI 1232 - AT - Income TaxSet-off of short term capital loss arising on sale of shares specified in Sec.111A (those on which STT paid and the tax rate being 10%) against short term capital gain arising on other assets (taxable @ 30%) - assessee had short term capital gain on sale of shares specified in Sec.111A and that loss set off should have been allowed against profits under the same category in view of the above tax differential - Held that:- A perusal of the provisions of section 70(2) clearly shows that if there a short term capital loss, the assessee is entitled to have the said capital loss set off against any other short term capital gain. This right given to the assessee is unqualified and therefore the assessee is free to choose as to how the set of short term capital loss has to be claimed. The assessee has claimed the set off in such a manner that it results in payment of low taxes. That cannot be a ground to deny a legitimate right which the assessee has in law. This is the principle adopted by the CIT(A) in allowing relief to the assessee. We are of the view that the reasoning adopted by the CIT(A) is just and proper and calls for no interference. In view of the above conclusions on a plain reading of the relevant provisions of section 70(2) and section 111A of the Act, we do not wish to refer to the case laws to which a reference has been made by the CIT(A) in his order. Depreciation on expenditure incurred for acquiring the leased land on which wind mill was installed by treating the land as integral part of wind mill - Held that:- As far as the claim of assessee for allowing depreciation being the upfront lease charges for the land on which windmills are erected is concerned, we are of the view that the same is not allowable as held by this Tribunal in the case of V.S. Lad & Sons (2014 (6) TMI 922 - ITAT BANGALORE). We are, however, of the view that the assessee's claim in the cross objections to allow the said sum as a revenue expenditure deserves to be accepted on the basis of decision rendered in the case of V.S. Lad & Sons (supra).
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