https://www.taxtmi.com/caselaws?id=763122 The ITAT Mumbai held that genuine short term capital losses from share transactions can be set off against long term capital gains when transactions are legitimate and not sham. The AO cannot prevent such set-off by alleging colorable device without evidence of non-genuineness. The assessee is entitled to arrange affairs within legal framework to reduce tax liability. The AO had accepted the computation of capital loss and nature of transactions, and had accepted similar long term capital gains in subsequent assessment years. Appeal decided against revenue. en-us Fri, 29 Nov 2024 00:00:00 +0530 Fri, 13 Dec 2024 07:23:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763122 The ITAT Mumbai held that genuine short term capital losses from share transactions can be set off against long term capital gains when transactions are legitimate and not sham. The AO cannot prevent such set-off by alleging colorable device without evidence of non-genuineness. The assessee is entitled to arrange affairs within legal framework to reduce tax liability. The AO had accepted the computation of capital loss and nature of transactions, and had accepted similar long term capital gains in subsequent assessment years. Appeal decided against revenue. Case-Laws Income Tax Fri, 29 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763122