https://www.taxtmi.com/caselaws?id=240965 The tribunal upheld the decisions of the Assessing Officer and CIT(A), ruling that carry-forward losses on transactions with STT income exempt under section 10(38) cannot be allowed. The tribunal affirmed the reopening of assessment and disallowance of carry-forward of long-term capital loss on shares exempt under section 10(38), stating that income exempt from tax cannot generate a loss for set off. Consequently, the tribunal dismissed the appeal, supporting the lower authorities' decisions on the matter. en-us Fri, 01 Feb 2013 00:00:00 +0530 Sun, 15 Dec 2013 10:29:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240965 The tribunal upheld the decisions of the Assessing Officer and CIT(A), ruling that carry-forward losses on transactions with STT income exempt under section 10(38) cannot be allowed. The tribunal affirmed the reopening of assessment and disallowance of carry-forward of long-term capital loss on shares exempt under section 10(38), stating that income exempt from tax cannot generate a loss for set off. Consequently, the tribunal dismissed the appeal, supporting the lower authorities' decisions on the matter. Case-Laws Income Tax Fri, 01 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240965