2013 (8) TMI 1018

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.... O R D E R Per Sanjay Arora, A. M.: This is an Appeal by the Revenue directed against the Order by the Commissioner of Income Tax (Appeals)-11, Mumbai ('CIT(A)' for short) dated 30.08.2011, allowing the assessee's appeal contesting its assessment u/s.143(3) of the Income Tax Act, 1961 ('the Act' hereinafter) for the assessment year (A.Y.) 2008-09 vide order dated 24.11.2010. 2. None ap....

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....ains on 'on market trading' Rs. 42,54,62,242/- (iii) Short term capital loss on 'on market t rading' Rs.(11,42,92,021/ -) The issue that arises is the permissible manner, or the sequence, of adjustment of STCL against STCG to be followed. This becomes relevant as while the loss arises on transactions which are subject to tax @ 10% u/s.111A, the same stands adjusted against the STCG cha....

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....(DR) before us were also on the same lines as in the said case. The tribunal in the case of First State Investments (Hongkong) Ltd. (supra) has discussed the matter at length, holding as under: "Held, allowing the appeal, that the matter of computation of income was a subject which came anterior to the application of the rate of tax. Only when the income was computed under the provisions ....