Set-Off of Short-Term Capital Loss Cannot Be Denied When Allowed in Identical Cases: Bombay HC

PCIT Vs Avinash B. Jaising (Bombay High Court) The appeal before the Bombay High Court arose from an order of the Income Tax Appellate Tribunal (ITAT) dismissing the Revenue’s appeal and upholding the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] which had allowed the set-off of Short Term Capital Loss (STCL) against Long Term Capital Gain (LTCG) in a block assessment covering the period from 1 April 1989 to 16 November 1999. The Revenue challenged the ITAT’s order under section 260A of the Income-tax Act, 1961, contending that the assessee had failed to substantiate the tr...