2013 (5) TMI 411

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..... '. Sub Clause 38 of Section 10 contemplates that any income arises from the transfer of Long Term Capital Assets is not an income. Therefore, the income from the sale of shares of the relevant year is not an income, which can be set off from the loss from sale of shares earned in the previous year - order of the Tribunal does not warrant any interference - ITA No. 67 of 2012 (O&M) - - - Dated:- .....

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..... , 1961. The assessee during the relevant assessment year has disclosed the income from Long Term Capital Gain amounting to Rs.6,17,14,300/-. The Assessing Officer was of the view that the brought forward loss accruing from sales of shares totaling to Rs.1,79,71,926/- were required to be adjusted out of the income earned from profit from sale of shares during the year in question. The Commissi .....

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