Set-off of LTCL on sale of quoted equity shares allowable against LTCG on sale of properties

Netesoft India Limited Vs DCIT (ITAT Mumbai) The short question to the adjudicated by us is whether set-off of LTCL on sale of quoted equity shares would be allowable to the assessee against LTCG earned on sale of properties keeping in view the fact that LTCG on similar transactions of sale of quoted equity shares were exempt from tax u/s 10(38)? We find that this issue has been dealt with by the Tribunal in the case of Raptakos Brett & Co. Ltd. V/s DCIT (58 com 115), which took a view favorable to the assessee by observing as under:- 7. We have heard rival submissions and perused the rele...