Denial of Carrying Forward Short-Term Capital Losses in Indian Markets Challenged u/ss 5 and 74 of Income Tax Act.

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Full Text of the Document

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....Denying the carry forward of short-term capital loss - the capital losses incurred from transactions in the Indian capital markets should be construed as income accruing or arising from transactions undertaken in India falling within the scope of section 5 of the Act and therefore, the same should be eligible to be carried forward to subsequent years in accordance with the provisions of section 74 of the Act - AT....