TMI Blog2012 (6) TMI 182X X X X Extracts X X X X X X X X Extracts X X X X ..... losses - simply observing that assessee has not made this claim in the original return filed by him cannot disallow setoff as this income was duly declared by him but under a different head – in favour of assessee. Short term capital gain disclosed by the assessee relates to those transactions where assessee has taken delivery of the shares submitting all the details before the AO and if the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that assessee is an individual. He has filed his return of income on 30th July, 2006 declaring total income of Rs. 57,85,833/-. The assessee had shown short term capital gain of Rs. 42,01,764/-. Though in the asstt. order detailed discussion in respect of any of the issue is not discernable but it emerges out that AO has confronted the assessee as to why the short term capital gain shown by the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such a claim was not made in the return of income. 3. On appeal Ld. First Appellate Authority has re-appreciated the controversy and observed that assessee has brought forward speculation losses of Rs. 28,16,923/-. This loss has dully been shown by the assessee in the computation of income. The assessee has shown the speculation income also under the head short term capital gain . According to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ogically by giving the benefit of brought forward losses etc. Ld. First Appellate Authority therefore appreciated the controversy in right perspective and rightly granted the set off of the brought forward loses with the speculative income ultimately determined by the AO in this year. 5. Ld. Counsel for the assessee at the very outset submitted that as far as short term capital gain disclosed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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