2018 (5) TMI 1839

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.... trading in delivery based share transactions treated as speculative loss instead of short term capital gains. (c) Rejection of claim of set off of Long term capital gains and Income from other sources against the above said losses. (d) Disallowance of interest expenditure. (e) Rejection of claim for change of Self Occupied Property for the purpose of computing Income from House Property. 2. The assessee is a salaried employee and he filed his return of income declaring a total income of Rs. 19.95 lakhs. The AO completed the assessment by making various additions and the assessee could not get relief in the appeal filed before Ld CIT(A). Hence the assessee has filed this appeal before the Tribunal. 3. The first and second issue rela....

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...., there is no dispute with regard to the fact that the assessee has actually incurred those loss on sale of securities taken on delivery basis. The reasoning given by Ld CIT(A) that the assessee has incurred short term capital loss in order to claim set off against Long Term Capital Gains is based on surmises and conjectures. Even if it is considered to be correct for a moment, in our view, the law does permit arrangement of affairs to the convenience of the assessee, provided the same is within the frame work of law. In the instant case, we are of the view that the planning, if any, done by the assessee is within the framework of law. Accordingly we set aside the order passed by Ld CIT(A) on this issue and direct the AO to accept the short....