Set off of indexed long term capital loss permissible against non-indexed long term capital gains

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.

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