Set-Off of LTCL & STCL Against LTCG Cannot Be Denied Merely Because Tax Rates Differ

Ira Sharma Vs DCIT (ITAT Delhi) Set-Off of LTCL & STCL Against LTCG Cannot Be Denied Merely Because Tax Rates Differ—CPC & CIT(A) Misread Section 70; Entire Adjustment u/s 143(1) Deleted  The Assessee filed return declaring ₹1,04,31,185, after setting off: B/f LTCL: ₹7,09,283, Current year STCL (shares): ₹10,56,001, STCL (mutual funds): ₹7,50,902, against current-year LTCG from NCDs and mutual funds. CPC issued a 143(1) proposal alleging that losses could not be set off, and despite the Assessee’s reply dated 27.01.2024, disallowed all set-off, computing income at ₹1,2...