https://www.taxtmi.com/caselaws?id=753724 The ITAT Kolkata allowed the assessee's appeal regarding set-off of losses from quoted securities with STT paid against long term capital gains from unquoted shares. The tribunal held that Section 10(38) exempts only specific long term capital gains, not the entire source of income. Following the Royal Calcutta Turf Club precedent, the tribunal ruled that when only particular income streams from a source receive exemption, losses from the same source remain deductible. The AO was directed to permit the claimed set-off of losses against long term capital gains. en-us Thu, 06 Jun 2024 00:00:00 +0530 Fri, 07 Jun 2024 15:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753724 The ITAT Kolkata allowed the assessee's appeal regarding set-off of losses from quoted securities with STT paid against long term capital gains from unquoted shares. The tribunal held that Section 10(38) exempts only specific long term capital gains, not the entire source of income. Following the Royal Calcutta Turf Club precedent, the tribunal ruled that when only particular income streams from a source receive exemption, losses from the same source remain deductible. The AO was directed to permit the claimed set-off of losses against long term capital gains. Case-Laws Income Tax Thu, 06 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753724