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The ITAT allowed the assessee's appeal, directing the AO to permit set-off of house property losses against short-term capital gains. The tribunal held that under the relevant statutory provision, where there is a net loss under any head other than capital gains and income under capital gains, the loss may be set off against income under any head, including capital gains, subject to the Act's provisions. The AO erred in denying the claim by not applying this provision correctly. Although the CIT(A) considered the argument, the denial was upheld improperly. Consequently, the AO was directed to allow the rectification application and compute the loss accordingly, thereby enabling the assessee to adjust house property losses against capital gains income.
The ITAT allowed the assessee's appeal, directing the AO to permit set-off of house property losses against short-term capital gains. The tribunal held that under the relevant statutory provision, where there is a net loss under any head other than capital gains and income under capital gains, the loss may be set off against income under any head, including capital gains, subject to the Act's provisions. The AO erred in denying the claim by not applying this provision correctly. Although the CIT(A) considered the argument, the denial was upheld improperly. Consequently, the AO was directed to allow the rectification application and compute the loss accordingly, thereby enabling the assessee to adjust house property losses against capital gains income.
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