Set off of loss on sale of recognised shares against LTCG from sale of unlisted shares allowable: ITAT Kolkata

Rita Gupta Vs DCIT (ITAT Kolkata) ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the long-term capital gain (LTCG) earned from sale of unlisted shares. Facts- Assessee filed return of income declaring total income of Rs. 18,31,980/-. Pertinent to note that a search action u/s 132 of the Act was conducted at the residential and office premises of the IRC group and its key persons. The assessee was also covered in the said search. Thereafter the statutory notices were duly issued and served on the assessee. During the a...