https://www.taxtmi.com/caselaws?id=779157 ITAT MUMBAI - AT allowed the assessee's appeal, holding that a current-year short-term capital loss under s.111A may be set off against current-year short-term capital gains even though differing tax rates apply. Where the Act does not prescribe a specific mode of set-off, the assessee may elect the most beneficial set-off, and the CIT(A) was incorrect to deny the set-off. The tribunal followed the HC precedent endorsing taxpayer choice in such situations. en-us Mon, 20 Jan 2025 00:00:00 +0530 Tue, 30 Sep 2025 08:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779157 ITAT MUMBAI - AT allowed the assessee's appeal, holding that a current-year short-term capital loss under s.111A may be set off against current-year short-term capital gains even though differing tax rates apply. Where the Act does not prescribe a specific mode of set-off, the assessee may elect the most beneficial set-off, and the CIT(A) was incorrect to deny the set-off. The tribunal followed the HC precedent endorsing taxpayer choice in such situations. Case-Laws Income Tax Mon, 20 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779157