Debate on Pre-2002 Tax Law: No Distinction Between Short and Long Term Capital Losses in Sections 70 and 74.

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....Non setting off the short term capital gain against long term capital loss brought forward - There is merit in the contentions of the appellant that prior to amendment to section 70 & 74 by the Finance Act, 2002, the carry forward capital loss was not bifurcated between short term capital loss and long term capital loss. - AT....