2018 (6) TMI 1800

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....ounds of appeal: "On the facts and in the circumstances of the case, Whether the ld. CIT(A) is justified in allowing set off of short term capital loss (STT paid) of Rs. (-) 124577151 on account of transaction in Equity shares against short capital gain (Non STT paid) Rs. 146897304 on account of transaction in Mutual fund and Venture fund instead of setting off against short term capital gain (STT paid) of Rs. 148800054 on account of transaction in Mutual fund, which is available and similar transaction. Reliance is also placed on the fact that on identical facts the Hon/ Karnataka High Court has admitted substantial question of law on this issue, in the case of CIT Vs Charles India Ltd in ITA 338/2015 and ITA 337/2015 ". 2. Brief facts ....

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.... Trib.) held that the ratio laid down in the decisions the assessee is entitled for set off of Short Term Capital Loss (STT paid) against STCG (non-STT paid), transaction as computed during the year and directed the Assessing Officer to allow the set off of Short Term Capital Loss of Rs. 12,45,77,151/- (STT paid) as against STCG of Rs. 14,68,97,304/- (non-STT paid) thereby granted partial relief to the assessee. Therefore, aggrieved by the order of ld. CIT(A), the Revenue has filed the present appeal before the Tribunal. 4. At the outset of hearing, the ld. AR of the assessee submits that the ground of appeal raised by Revenue is squarely covered by a series of decisions including the decisions relied by ld. CIT(A) in First State Investmen....