Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 1222 - AT - Income TaxShort Term Capital Loss (on which STT was paid) set off against the Short Term Capital Gain (on which STT is not paid) - Assessee adjusted the aforesaid Short Term Capital Loss which was chargeable to tax under section 111A @ 15% against Short Term Capital Gain which was chargeable to tax at the normal rate. HELD THAT:- As per the section 70(2) provision the Short Term Capital Loss can be set off against gain from any other capital asset. Section 70(2) of the Act does not make any further classification between the transactions where STT was paid and the transactions where STT was not paid. The emphasis of the Assessing Officer on the term “similar computation” also only refers to the computation as provided under section 48 to 55 of the Act. As relying on M/s Mac Charles India Ltd [2015 (1) TMI 1232 - ITAT BANGALORE] and Ashok K. Shah [2014 (8) TMI 1225 - ITAT MUMBAI] we find no infirmity in the impugned order passed by the learned CIT(A) allowing set off of Short Term Capital Loss (on which STT was paid) against Short Term Capital Gain (on which STT was not paid). Accordingly, only ground raised by the Revenue in present appeal is dismissed.
|