https://www.taxtmi.com/caselaws?id=177479 ITAT Bangalore ruled that assessee can set off short term capital loss from shares under Section 111A against short term capital gains from other assets taxed at higher rates. The tribunal held Section 70(2) provides unqualified right to set off short term capital losses against any short term capital gains, allowing assessee to minimize tax liability legitimately. CIT(A)'s decision was upheld. Regarding windmill depreciation, upfront lease charges for land cannot be claimed as depreciation but are allowable as revenue expenditure following V.S. Lad Sons precedent. en-us Fri, 23 Jan 2015 00:00:00 +0530 Tue, 27 May 2025 15:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177479 ITAT Bangalore ruled that assessee can set off short term capital loss from shares under Section 111A against short term capital gains from other assets taxed at higher rates. The tribunal held Section 70(2) provides unqualified right to set off short term capital losses against any short term capital gains, allowing assessee to minimize tax liability legitimately. CIT(A)'s decision was upheld. Regarding windmill depreciation, upfront lease charges for land cannot be claimed as depreciation but are allowable as revenue expenditure following V.S. Lad Sons precedent. Case-Laws Income Tax Fri, 23 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177479