https://www.taxtmi.com/caselaws?id=751653 Whether s. 70(2) permits set-off of short-term capital loss on sale of equity shares subject to STT against short-term capital gains from derivatives despite different tax rates was the dominant issue. The ITAT held that s. 70(2) allows set-off of STCL from any capital asset against STCG from any other capital asset computed under the same head, and the applicability of different concessional or higher rates does not restrict such intra-head adjustment. Relying on its coordinate bench decision on identical facts, the disallowance of set-off was reversed and the assessee's appeal was allowed. en-us Mon, 26 Feb 2024 00:00:00 +0530 Mon, 05 Jan 2026 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751653 Whether s. 70(2) permits set-off of short-term capital loss on sale of equity shares subject to STT against short-term capital gains from derivatives despite different tax rates was the dominant issue. The ITAT held that s. 70(2) allows set-off of STCL from any capital asset against STCG from any other capital asset computed under the same head, and the applicability of different concessional or higher rates does not restrict such intra-head adjustment. Relying on its coordinate bench decision on identical facts, the disallowance of set-off was reversed and the assessee's appeal was allowed. Case-Laws Income Tax Mon, 26 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751653