Right to set-off loss is a “vested right” which is available despite amendment in year of set-off

In AY 2002- 03, the assessee suffered a long-term capital loss. U/s 74(1) as it then stood, such loss could be carried forward and set off against all capital gains including short-term capital gains. S. 74 was amended in AY 2003- 04 to provide that long-term capital loss could only be set-off against long-term capital gains and not against short-term-capital gain. When the assessee claimed a set-off in AY 2004- 05 the question arose whether the amended law should apply or the un-amended law. HELD deciding in favour of the assessee: (i) In Govinddas 103 ITR 123 (SC) it was held that unless the...