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2022 (4) TMI 972 - AT - Income TaxAssessment u/s 153A - Disallowance of set off of brought forward long term capital loss arising on sale of STT paid shares against Long term capital gain earned - HELD THAT:- AO has repeated the disallowance made in the original assessment order, we find that the ground taken by the Revenue describing the loss is in fact short term capital loss. However, for the reason that disallowance is repeated in 153A order, which was already part of 143(3) proceedings could not have been made by the learned Assessing Officer in 153A proceeding. Same are the facts with respect to the disallowance under section 14A of the Act. Accordingly, grounds no. 1 & 2 of the appeal of the learned Assessing Officer are dismissed. Short-term capital loss set off against long term capital gain - Assessee has not claimed set off of any brought forward long term capital loss but has claimed set off of short term capital loss ground of appeal raised by the Assessing Officer is not sustainable in view of the provisions of Section 74(1)(a) of the Act, which allows set off of loss related to short term capital asset brought forward to be set off of capital gain earned in respect of any other capital asset. Accordingly, appeal filed by the learned Assessing Officer is dismissed. Accordingly, all the three appeals filed by the learned Assessing Officer are dismissed.
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