Disallowance of set off of Loss - sale of equity shares (STT) - ...

Income Tax

April 22, 2024

Disallowance of set off of Loss - sale of equity shares (STT) - short-term capital gains (STCG) on sale of derivatives and short-term capital loss (STCL) - The Tribunal examined various judicial pronouncements and held that under section 70(2) of the Act, STCL arising from any asset can be set off against STCG arising from any other asset under a similar computation, regardless of the differential tax rates. It emphasized that the computation in both cases is made under the same provisions, allowing for such set-off. Consequently, the Tribunal allowed the appeal of the assessee, affirming their right to set off STCL against STCG.

View Source

← Previous Next →

Disallowance of set off of Loss - sale of equity shares (STT) - ...

Income Tax

April 22, 2024

You may also like:

Set off of long term capital loss from sale of shares off market against the long term capital gain on sale of land allowed.

Disallowance on Short term capital loss – assessee cannot incur short term capital loss by purchasing fresh shares at an inflated rate and to sell it out at a nominal rate - AT

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

Disallowance of short term capital loss - creation of artificial loss - assessee appellants failed to discharge the onus, to prove the genuineness of the transactions of...

Set off of short term capital loss - Transaction in shares - When neither any payment was made nor any delivery was taken, then the transaction can not be held genuine - HC

CENVAT Credit - Capital goods - final product has become not liable to duty - t at the time of procurement of capital goods, the appellant has taken CENVAT Credit...

Assessee has rightly claimed short term capital loss which is eligible to be set off against long term capital gain and the impugned transaction is neither “sham” nor...

TDS u/s 195 - disallowance u/s 40(a)(i) - allowability of expenditure u/s 37(1) - there is no question of alternating between section 37(1) of the I.T.Act and section...

Addition u/s 68 - Violation of provisions of section 269SS - unexplained cash deposit - Violation of provisions of section 269SS of the I.T.Act calls for penalty u/s...

Benefit u/s 32(2)(iii) - Carried forward unabsorbed depreciation cannot be set off with short-term capital gain arising from sale of depreciaible assets - HC

Quick Updates: