https://www.taxtmi.com/caselaws?id=204228 The Appellate Tribunal upheld the decision of the CIT(A) to apply section 94(7) for setting off dividend income against short term capital loss. The tribunal rejected an adjournment application by the assessee due to repeated requests and determined that the provision does not require the dividend to be earned in the same year as the loss. Citing legal precedents, the tribunal concluded that redemption of units constitutes a transfer, supporting the disallowance of the loss to the extent of dividend income. The appeal was dismissed in favor of the CIT(A)'s decision. en-us Wed, 27 Oct 2010 00:00:00 +0530 Fri, 31 May 2013 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204228 The Appellate Tribunal upheld the decision of the CIT(A) to apply section 94(7) for setting off dividend income against short term capital loss. The tribunal rejected an adjournment application by the assessee due to repeated requests and determined that the provision does not require the dividend to be earned in the same year as the loss. Citing legal precedents, the tribunal concluded that redemption of units constitutes a transfer, supporting the disallowance of the loss to the extent of dividend income. The appeal was dismissed in favor of the CIT(A)'s decision. Case-Laws Income Tax Wed, 27 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204228