https://www.taxtmi.com/caselaws?id=59182 The Appellate Tribunal ITAT Bombay-E upheld the Appellate Assistant Commissioner's decision in favor of the assessee, a HUF, regarding the set off of a short-term capital loss. The Tribunal clarified that the assessee had the discretion to set off the loss against income from sources other than capital gains, as per the provisions of section 70 and section 71 of the Income-tax Act, 1961. The assessee's choice to set off the loss against income from dividends was deemed valid, leading to the dismissal of the revenue's appeal. en-us Thu, 28 Aug 1986 00:00:00 +0530 Sat, 25 Dec 2010 14:03:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59182 The Appellate Tribunal ITAT Bombay-E upheld the Appellate Assistant Commissioner's decision in favor of the assessee, a HUF, regarding the set off of a short-term capital loss. The Tribunal clarified that the assessee had the discretion to set off the loss against income from sources other than capital gains, as per the provisions of section 70 and section 71 of the Income-tax Act, 1961. The assessee's choice to set off the loss against income from dividends was deemed valid, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Thu, 28 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59182