Capital loss on sale of STT paid shares/mutual fund cannot be set off against LTCG on sale of land

JCIT (OSD) Vs Shri Sujan Azad Parikh (ITAT Mumbai) ITAT Mumbai held that long term capital loss arising out of the sale of shares and units of mutual funds on which STT was paid and covered under section 10(38) could not be set off against long-term capital gain arising out of the sale of land as per section 70(3) of the Act. Facts- During the assessment proceedings, it was observed that the assessee has claimed to have sold a flat at Skylark Co-operative Housing Society Ltd (‘Skylark flat’) declaring a LTCG of Rs. 7,25,08,820, against consideration of Rs. 7,62,50,000, (being 50% sale cons...