2013 (5) TMI 411

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....er Section 260A of the Income Tax Act, 1961 (for short 'the Act') is directed against the order dated 30.11.2010 passed by the Income Tax Appellate Tribunal, Chandigarh (for short 'the Tribunal') relating to the assessment year 2005-06. After hearing learned counsel for the appellant, we find that the following substantial question of law arises for consideration by this Court. "Whether on the f....

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.... an order passed by Mumbai Bench of the Tribunal in G.K. Ramamutry vs. JCIT [(2010) 2 ITR (Trib) 0139 wherein it has been held that the loss from sale of shares cannot be set off against the gain forming part of exemption in terms of Section 10(38) of the Act. We have heard learned counsel for the appellant and find that Section 10 falling under Chapter III of the Act contemplates the income whic....