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Set-Off of LTCL & STCL Against LTCG Cannot Be Denied Merely Because Tax Rates Differ
Case Law Details
- Case Name
- Ira Sharma Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2023-24
- Courts
- All ITAT, ITAT Delhi
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Ira Sharma Vs DCIT (ITAT Delhi)
Set-Off of LTCL & STCL Against LTCG Cannot Be Denied Merely Because Tax Rates Differ—CPC & CIT(A) Misread Section 70; Entire Adjustment u/s 143(1) Deleted
The Assessee filed return declaring ₹1,04,31,185, after setting off:
B/f LTCL: ₹7,09,283,
Current year STCL (shares): ₹10,56,001,
STCL (mutual funds): ₹7,50,902,
against current-year LTCG from NCDs and mutual funds.
CPC issued a 143(1) proposal alleging that losses could not be set off, and despite the Assessee’s reply dated 27.01.2024, disallowed all set-off, computin...
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