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Short-term capital loss from a transaction can be set-off against short-term capital gain from any transaction at the option of the taxpayer
Case Law Details
- Case Name
- First State Investments (Hongkong) Ltd. Vs. ADIT (Intl. Tax.) [ITAT Mumbai]
- Appeal Number
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
S. 70, 115AD; A/y 2005-06; in favor of taxpayer:- Taxpayer, a FII, earned short-term capital gains on sale of shares which it bifurcated as pre and post 30 September 2004 (pre and post STT), chargeable to tax at 30% and 10%, respectively under section 115AD. It also suffered short-term capital loss during both these periods.
It set-off pre-STT short-term capital loss against pre-STT short-term capital gain and also post-STT short- term capital loss against left over balance of pre-STT short-term capital gain. The Revenue, however, al owed set-off of post-STT short-term capital loss only agai...
