https://www.taxtmi.com/caselaws?id=239184 The tribunal dismissed the Revenue's appeal, affirming the assessee's entitlement to set off losses on Short Term Capital Assets against income from the same category of transactions. The judgment emphasized that the assessee has the option to set off losses under the same class of income, irrespective of the 'similar computation' requirement in Section 70(2). The tribunal clarified that the computation of income precedes tax rate application, making transaction type distinctions irrelevant for assessability and aggregation under the Income Tax Act. en-us Tue, 27 Aug 2013 00:00:00 +0530 Fri, 08 Nov 2013 06:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239184 The tribunal dismissed the Revenue's appeal, affirming the assessee's entitlement to set off losses on Short Term Capital Assets against income from the same category of transactions. The judgment emphasized that the assessee has the option to set off losses under the same class of income, irrespective of the 'similar computation' requirement in Section 70(2). The tribunal clarified that the computation of income precedes tax rate application, making transaction type distinctions irrelevant for assessability and aggregation under the Income Tax Act. Case-Laws Income Tax Tue, 27 Aug 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239184