https://www.taxtmi.com/caselaws?id=21001 The High Court ruled in favor of the assessee, allowing the set off of a short-term capital loss against income under other heads. The Court emphasized the flexibility provided by the Income-tax Act in setting off losses under different sources of income and heads, contrary to the Revenue's argument. The Court held that restricting the set off of short-term capital loss would not align with legislative intent, ultimately deciding in favor of the assessee against the Revenue's appeal. en-us Wed, 16 Sep 1992 00:00:00 +0530 Wed, 18 Nov 2009 16:09:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21001 The High Court ruled in favor of the assessee, allowing the set off of a short-term capital loss against income under other heads. The Court emphasized the flexibility provided by the Income-tax Act in setting off losses under different sources of income and heads, contrary to the Revenue's argument. The Court held that restricting the set off of short-term capital loss would not align with legislative intent, ultimately deciding in favor of the assessee against the Revenue's appeal. Case-Laws Income Tax Wed, 16 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21001