Case Law Details
Case Name : Vipul A. Shah Vs. ACIT (ITAT Mumbai)
Related Assessment Year : 2004- 05
Courts :
All ITAT ITAT Mumbai
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Vipul A. Shah Vs. ACIT (ITA No 3190/Mum/2010) Mumbai ITAT dated 8 April 2011
Facts- The taxpayer was engaged in share trading. During the assessment year 2004-05, the taxpayer had set off the indexed long term capital loss against non-indexed long term capital gains. The Assessing Officer did not allow the set off of indexed long term capital loss against non-indexed long term capital gains.
Issue before the Mumbai Tribunal – Whether the indexed long term capital loss can be set off against non-indexed long term capital gains?
Observations and Ruling of the Mumbai Tribunal
· The pr...
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