https://www.taxtmi.com/caselaws?id=462124 The ITAT Mumbai held that short-term capital losses can be set off against short-term capital gains even when taxed at different rates under Section 70(2). The AO and DRP incorrectly rejected the assessee's computation, arguing that gains taxed at 15% and 30% rates cannot be set off against each other. The tribunal clarified that Section 70(2) only requires computation under Sections 48-55, with no restriction on set-off based on different tax rates. Following precedents in JS Capital LLC and iShares MSCI cases, the tribunal directed the AO to allow the set-off, emphasizing that such provisions grant entitlement options to assessees. en-us Mon, 05 Aug 2024 00:00:00 +0530 Mon, 26 May 2025 19:07:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462124 The ITAT Mumbai held that short-term capital losses can be set off against short-term capital gains even when taxed at different rates under Section 70(2). The AO and DRP incorrectly rejected the assessee's computation, arguing that gains taxed at 15% and 30% rates cannot be set off against each other. The tribunal clarified that Section 70(2) only requires computation under Sections 48-55, with no restriction on set-off based on different tax rates. Following precedents in JS Capital LLC and iShares MSCI cases, the tribunal directed the AO to allow the set-off, emphasizing that such provisions grant entitlement options to assessees. Case-Laws Income Tax Mon, 05 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462124