2013 (11) TMI 361

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....de order dated 25.11.2010. 2. The appeal raises a single issue, per its only effective ground, reading as under:      "1. On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in holding that set off of loss of Short Term Capital Gain as claimed by the assessee is correct ignoring the provisions of Section 70(1) which requires the assessee to first compute the 'result' of the transaction in respect of a particular category and in case there is loss at this stage, then the assessee can set it off against gains from the same category of transaction." 3.1 At the very outset, it was sought to be mentioned by the ld. Authorized Representative (AR), the assessee's counsel, that the issue arising ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ing the assessee's computation of short-term capital gain." Similar view, he would continue, has also been taken by the tribunal in the case of Fidelity Investment Trust Fidelity Overseas Fund v. Addl. DIT (International Taxation) [2010] 36 SOT 22 (Mum) (URO). 3.2 The ld. Departmental Representative (DR), on being confronted with the said contention, while conceding to the issue arising for consideration being the same as that adjudicated by the decisions being relied upon, would yet place emphasis on the language of section 70(2), which is stated to be relevant for the purpose. No doubt, he would submit, that a loss arising in respect of a STCA could be set off against the income arising to the assessee for the relevant year on anoth....