2014 (10) TMI 108

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.... For the Respondent : Sri A Shankar And Sri M Lava, Advs. JUDGEMENT Per: N Kumar: The substantial question of law raised in this appeal by the revenue is as under:           "Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in upholding the deletion of disallowance of set off of short term capita....

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....e net result for any assessment year in respect of any source falling under any head of income, other than "Capital gains", is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the same head.     (2) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any....

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..... It reads as under:               "40.2 Since long-term capital gains are subject to lower incidence of tax, the Finance Act, 2002 has rectified the anomaly by amending the said sections to provide that while losses from transfer of short-term capital assets can be set off against any capital gains, whether short term or long-ter....