ITAT Mumbai Restores Set-Off Dispute: STCG vs. Non-STT Short-Term Capital Loss

Prem Naraindas Raney (Deceased) Vs DCIT (ITAT Mumbai)

In the case of Prem Naraindas Raney (Deceased) Vs. DCIT, the Income Tax Appellate Tribunal (ITAT) Mumbai rendered a crucial decision regarding the set-off of Non-Securities Transaction Tax (STT) Short-Term Capital Loss against Short-Term Capital Gain (STCG) with STT paid. This article explores the details, analysis, and outcome of this significant tax dispute.

Detailed Analysis:

1. Background: The appellant, representing the deceased assessee, contested an order dated 20/03/2023 under section 250 of the Income Tax Act, 1961. This order was issued by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, for the assessment year 2018–19.

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