https://www.taxtmi.com/caselaws?id=10981 The High Court ruled against the assessee in a case concerning the interpretation of sections 70(2)(i) and 71(3) of the Income-tax Act. It held that short-term capital loss must first be set off against corresponding gains before being set off against income from other sources. The Court emphasized that the choice of set off does not lie with the assessee and clarified that the Tribunal's interpretation allowing such choice was incorrect. Consequently, the Court answered both questions in the negative, favoring the Department and disposing of the reference application accordingly. en-us Mon, 17 May 2004 00:00:00 +0530 Tue, 28 Jul 2009 18:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10981 The High Court ruled against the assessee in a case concerning the interpretation of sections 70(2)(i) and 71(3) of the Income-tax Act. It held that short-term capital loss must first be set off against corresponding gains before being set off against income from other sources. The Court emphasized that the choice of set off does not lie with the assessee and clarified that the Tribunal's interpretation allowing such choice was incorrect. Consequently, the Court answered both questions in the negative, favoring the Department and disposing of the reference application accordingly. Case-Laws Income Tax Mon, 17 May 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10981