RITA GUPTA,KOLKATA vs. DCIT, CEN. CIR.2(2), KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma]

Section 10(38) of the Act and therefore on the same analogy the long term capital loss resulting from the sale of equity shares with STT paid cannot be allowed to be set off against the taxable long term capital gain resulting from sale of any other asset. The Ld. CIT(A) while dismissing the appeal relied on the series

SMT SARBANI GUPTA,KOLKATA vs. ACIT, CIR-49, KOLKATA, KOLKATA