STCL Taxable at 15% Can be set-ff against STCG Taxable at 30%: ITAT Mumbai

JS Capital LLC Vs ACIT (ITAT Mumbai)

STCL Taxable at 15% Can Offset STCG Taxable at 30% under Sections 111A and 115AD

In the case of JS Capital LLC vs. ACIT, Mumbai, the Income Tax Appellate Tribunal (ITAT) addressed an appeal against the order passed by the ACIT for the Assessment Year 2020-21. The appellant, a non-resident entity registered as a Foreign Portfolio Investor (FPI), contested the disallowance of set-off of Short-Term Capital Loss (STCL) against Short-Term Capital Gain (STCG) earned from the sale of derivatives.

The appellant claimed STCG on the sale of

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