TMI Blog2013 (8) TMI 1018X X X X Extracts X X X X X X X X Extracts X X X X ..... could not be confused with the rate of tax liable to be charged on the income under the head “Capital gains” so computed. The computation of capital gain is governed by section 48 whereas the rates of tax are governed by sections 111A and 115AD of the Act. The authorities below had erred in negating the assessee’s computation of short-term capital gain - I.T.A. No. 7624/Mum/2011 - - - Dated:- 27 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Legg Mason Asia (Ex Japan) Analyst Fund (in ITA No. 7625/Mum/2011 dated 27/8/2013), heard today instant. In view of this ident ity of subject matter of appeal , the hear ing in the appeal was proceeded wi th. 3.1 The br ief facts of the case are that the assessee earned Short Term Capital Gain (STCG) and incur red Short Term Capital Loss (STCL) during the relevant year, as under : (i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1] 8 ITR (Trib) 315 (Mumbai), has accepted the assessee s claim on the ground that the option to adjust the loss in terms of section 70 is with the assessee. 4. We have heard the parties, and perused the material on record. We have in the case of Legg Mason Asia (Ex Japan) Analyst Fund (supra) already expressed a view in conformity with the said view; the matter being even otherwise covered by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the rate of tax liable to be charged on the income under the head Capital gains so computed. The computation of capital gain is governed by section 48 whereas the rates of tax are governed by sections 111A and 115AD of the Act. The authorities below had erred in negating the assessee s computation of short-term capital gain. In view of the foregoing, we, therefore, following the said decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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