2010 (8) TMI 1160

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.... For the Appellant : Appellant by Shri Shravan Kumar. For the Respondent : Shri M.P. Lohia. ORDER PER R.S. SYAL, AM: This appeal by the Revenue arises out of the order passed by CIT(A) on 17-03-2009 in relation to asstt. year 2005-06. Though four grounds have been raised but the grievance is appropriately projected through ground No. 1, which reads as under : "On the facts a....

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....aimed set off of short-term capital loss against short-term capital gains in the manner tabulated by the AO on page 3 of his order. The AO observed that by virtue of provisions of sections 111A & 115AD, two distinct time periods, firstly from 01.04.2004 to 30.09.2004 and secondly from 01.10.2004 to 31.03.2005 have been provided and two different tax rates apply. It was, therefore, opined that the ....

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....capital loss suffered after 01-10-2004 could be set off against short-term capital gains earned before 30-09-2004. Another order of the Mumbai Bench of the Tribunal in Fidelity Investment Trust vs. ADI as reported in 2009 TIOL 595 ITAT Mum., laying down the same ratio was also placed on record. 4. The ld. D.R., after going through both the orders, fairly conceded that the facts and circumstance....