Allowability of c/f / set-off loss u/s 10 (38) / 10 (34), Income Tax

[MAHESH MATHUR]

I had read an intresting article from one of TMI members on Allowability of loss u/s 10 (38) quite some time back almost one & half year back. In the article, it was mentioned that the loss u/s 10 (38) could be c/f/ set-off.

In the same article a judgement of the Supreme Court (not sure on the authority), involving loss on sale of UTI units was mentioned (u/s 10 (34)). 

The authority had ruled in the favour of the assessee. One of the grounds was that the intention of the government was not to burden the assessee by introducing such a provision.

Unfortunately, i cannot locate that article nor the case in my records or the website.

I would be very thankful if anyone can provide me with that case Citation or the article.

Posts / Replies

[Rama Krishana]

Hello, do you need this one: For brain storming: - Provisions Section 10(38) - vis a vis LTC loss with STT. Such loss can be set off against taxable LTC Gains and carried forward for such set off in future.