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Case Law Details

Case Name : Keshav S. Phansalkar Vs ITO (ITAT Mumbai)
Related Assessment Year :
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RELEVANT PARAGRAPH

8. Section 70(3) of the Act postulates that for any assessment year where there is a loss in respect of long term capital asset, the asscssee shall be entitled to have the amount of such loss set off against the income, if any fas arrived at under a similar computation) made for the assessment year in respect of any other long term capital asset.

Section 112 of the Act provides for tax on long term capital gains. Section 112 of the Act

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0 Comments

  1. saurabh says:

    sir
    suppose an assessee has a long term capital loss in the assessment year 2006-2007 . now the assessee wants to set off the losses against short term losses.
    what will be the implications.
    please reply

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