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2013 (8) TMI 1018 - ITAT MUMBAI

2013 (8) TMI 1018 - ITAT MUMBAI - TMI - Computation of short-term capital gain - Held that:- Computation of capital gain prescribed under section 48 of the Act cannot be confused with the rate of tax liable to be charged on the income under section 48 of the Act 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 an .....

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/s.143(3) of the Income Tax Act, 1961 ( the Act hereinafter) for the assessment year (A.Y.) 2008-09 vide order dated 24.11.2010. 2. None appeared for and on behalf of the assessee-respondent when its appeal was called out for hearing, nor any adjournment application stands received. At the very outset, though, it was observed by the Bench that the issue under reference is the same as that considered and decided by us in the case of Legg Mason Asia (Ex Japan) Analyst Fund (in ITA No. 7625/Mum/201 .....

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n on market t rading Rs.(11,42,92,021/ -) The issue that arises is the permissible manner, or the sequence, of adjustment of STCL against STCG to be followed. This becomes relevant as while the loss arises on transactions which are subject to tax @ 10% u/s.111A, the same stands adjusted against the STCG chargeable to tax at the normal rate of 30%, in preference to that chargeable at the rate of 10%, i.e., on on market trading . 3.2 The ld. CIT(A), following, among others, the decision by the Tri .....

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