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2013 (8) TMI 1018 - ITAT MUMBAI

2013 (8) TMI 1018 - ITAT MUMBAI - TMI - I.T.A. No. 7624/Mum/2011 - Dated:- 27-8-2013 - SHRI I. P. BANSAL, JM AND SHRI SANJAY ARORA, AM Appellant by : Shri Surinder Jit Singh O R D E R Per Sanjay Arora, A. M.: This is an Appeal by the Revenue directed against the Order by the Commissioner of Income Tax (Appeals)-11, Mumbai ( CIT(A) for short) dated 30.08.2011, allowing the assessee s appeal contesting its assessment u/s.143(3) of the Income Tax Act, 1961 ( the Act hereinafter) for the assessment .....

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tter 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) Short term capital gains on of f market t rading ₹ 37,69,563/ - (ii ) Short term capital gains on on market trading ₹ 42,54,62,242/- (iii) Short term capital loss on on market t rading Rs.(11,42,92,021/ -) The issue that arises is the permissib .....

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of Income Tax (IT) [2011] 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 a series of decisions by the tribunal. The arguments advanced by the ld. Departm .....

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