https://www.taxtmi.com/caselaws?id=753541 Computational errors in determining short-term capital gains were raised through a rectification request under s.154. Since the alleged mistakes were purely arithmetical/computational and required factual verification, the AO was directed to verify the four errors and rectify the computation accordingly; the ground was allowed for statistical purposes. On set-off of short-term capital loss against short-term capital gains, the Tribunal held that s.70(2) permits set-off of short-term capital loss against any short-term capital gain computed under ss.48-55, and those provisions do not differentiate based on STT incidence or applicable tax rate (including gains taxable under special rates). Accordingly, the AO was directed to allow the set-off. en-us Fri, 31 May 2024 00:00:00 +0530 Mon, 05 Jan 2026 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753541 Computational errors in determining short-term capital gains were raised through a rectification request under s.154. Since the alleged mistakes were purely arithmetical/computational and required factual verification, the AO was directed to verify the four errors and rectify the computation accordingly; the ground was allowed for statistical purposes. On set-off of short-term capital loss against short-term capital gains, the Tribunal held that s.70(2) permits set-off of short-term capital loss against any short-term capital gain computed under ss.48-55, and those provisions do not differentiate based on STT incidence or applicable tax rate (including gains taxable under special rates). Accordingly, the AO was directed to allow the set-off. Case-Laws Income Tax Fri, 31 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753541