STT paid Long Term Capital Loss Can be Set Off against Non-STT paid Long Term Capital Gains

Rare Investments Vs CIT (ITAT Mumbai)

The issue under consideration is whether the long-term capital gain on sale of non-STT paid shares can be set off against long-term capital loss arising from STT paid shares?

In the present case, the assessee is a partnership firm engaged in the business of investment of shares, securities and bonds during the year under consideration. The ld. AO show-caused the assessee that in view of the provisions of Section 10(38) of the Act while

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