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ITAT adjudicated two primary tax issues: (1) set-off of short-term capital loss against short-term capital gains, and (2) set-off of long-term capital loss against exempt long-term capital gains under India-Mauritius DTAA. The Tribunal held that short-term capital loss can be set off against capital gains irrespective of STT payment, and long-term capital gains exempt under Article 13(4) cannot be adjusted against brought-forward long-term capital losses. The AO was directed to allow exemption for grandfathered transactions and permit set-off of long-term capital loss against non-grandfathered gains, effectively allowing the assessee's appeal on both grounds.
ITAT adjudicated two primary tax issues: (1) set-off of short-term capital loss against short-term capital gains, and (2) set-off of long-term capital loss against exempt long-term capital gains under India-Mauritius DTAA. The Tribunal held that short-term capital loss can be set off against capital gains irrespective of STT payment, and long-term capital gains exempt under Article 13(4) cannot be adjusted against brought-forward long-term capital losses. The AO was directed to allow exemption for grandfathered transactions and permit set-off of long-term capital loss against non-grandfathered gains, effectively allowing the assessee's appeal on both grounds.
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