Setting off short term capital loss against non-STT gains and then against STT gains is permissible in law

Florida Retirement System Vs ACIT (ITAT Mumbai) ITAT Mumbai held that section 70 of the Income Tax Act allows first setting off the short term capital loss against the non STT gains taxable at thirty percent, and then applying the balance against the STT gains taxable at fifteen percent. Accordingly, appeal stands allowed. Facts- The assessee is an Artificial Juridical Person organised in the United States of America, which has invested in Indian capital markets under a multi manager structure through investment managers registered as Foreign Portfolio Investors with the Securities and Exchan...