2014 (10) TMI 108

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..... respect of any short-term capital asset is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset -the assessee shall be entitled to have the amount of loss set off against the income, if any, as arrived at under a similar computation made .....

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..... iating the fact that the assessee seeks to set off the short term capital loss against income which was arrived at under a dissimilar computation? 2. The contention of the Revenue is, a short term capital loss can be set off only against short term capital gain. A short term capital loss cannot be set off against a long term capital gain. 3. Section 70 of the Income Tax Act, 1961, which deal .....

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..... other capital asset. (3) Where the result of the computation made for any assessment year under sections 48 to 55 in respect of any capital asset (other than a short term capital asset) is a loss, the assessee shall be entitled to have the amount of such loss set off against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other ca .....

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