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TMI Blog2013 (12) TMI 630X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year 2006-2007. The Assessee is objecting confirming the reopening of the assessment and thereafter, confirming the Order of the Assessing Officer by the learned CIT(A) in drawing the carry- forward and set off of long term capital loss of Rs.13,04,718/- on sale of shares which were subjected to Securities Transaction Tax (in short "STT") payment. 2. Brief facts of the case are that ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year 2005-2007 may be treated as filed in response to notice under section 148 of the Act. Thereafter, assessment under section 143 (3) / 147 of the Act was completed whereby the carry forward losses allowed earlier was withdrawn which was at Rs.13,04,718/-. 3. Against the said of the Assessing Officer, the assessee preferred an appeal before the CIT(A) before whom reopening of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence, by virtue of section 10 (38) of the Act, any income arising from transfer of long term capital gain shall not be chargeable to tax. Therefore, if long term capital gain is expected then long term capital loss cannot be allowed to be carry forward. Accordingly, on merit also, the ground of the assessee was rejected. Now the assessee is in appeal before us. 4. After considering the Order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cording reasons, notice under section 148 was issued. Therefore, I do not find any mistake or un-justification on the part of the Assessing Officer who reopened the assessment on account of wrongly allowed carry forward losses on account of transaction with STT which are exempted under section 10(38) of the Act. Accordingly, I hold that the learned CIT(A) was justified in confirming the reopening ..... X X X X Extracts X X X X X X X X Extracts X X X X
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