STT paid Long Term Capital Loss Can be Set Off against Non-STT paid Long Term Capital Gains

Rare Investments Vs CIT (ITAT Mumbai) The issue under consideration is whether the long-term capital gain on sale of non-STT paid shares can be set off against long-term capital loss arising from STT paid shares? In the present case, the assessee is a partnership firm engaged in the business of investment of shares, securities and bonds during the year under consideration. The ld. AO show-caused the assessee that in view of the provisions of Section 10(38) of the Act while the claim of set off of STT paid long term capital loss with non-STT paid long term capital gain be not allowed to be set ...