https://www.taxtmi.com/highlights?id=95361 Set-off of short-term capital loss against short-term capital gains taxable at different rates was governed by s.70(2), and in the absence of any statutory sequencing mandate, the taxpayer could first adjust losses against non-STT gains taxable at 30% and thereafter against STT-paid gains taxable at 15%; the Revenue's insistence on the reverse order impermissibly read a restriction into the statute, so the taxpayer's computation was accepted. Dividend on ADR/GDR held by a non-resident was covered by ss.115AC and 196D and had already suffered TDS; taxing it again and denying credit due to Form 26AS mismatch caused by third-party reporting failures violated ss.199 and 205, so the addition and denial of TDS credit were set aside. - ITAT en-us Wed, 24 Dec 2025 07:51:29 +0530 Wed, 24 Dec 2025 07:51:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=95361 Set-off of short-term capital loss against short-term capital gains taxable at different rates was governed by s.70(2), and in the absence of any statutory sequencing mandate, the taxpayer could first adjust losses against non-STT gains taxable at 30% and thereafter against STT-paid gains taxable at 15%; the Revenue's insistence on the reverse order impermissibly read a restriction into the statute, so the taxpayer's computation was accepted. Dividend on ADR/GDR held by a non-resident was covered by ss.115AC and 196D and had already suffered TDS; taxing it again and denying credit due to Form 26AS mismatch caused by third-party reporting failures violated ss.199 and 205, so the addition and denial of TDS credit were set aside. - ITAT Highlights Income Tax Wed, 24 Dec 2025 07:51:29 +0530 https://www.taxtmi.com/highlights?id=95361