13 April 2009
Assessee has STCG in A.Y.04-05 which he has setoff agst b/f LTCG of A.Y.02-03. A.O.did not allow setoff on the basis of sec.74(1)(b). Sec.74(1)(b) came from w.e.f. 01/04/2003," in so far as such loss relates to a LTCA, it shall be set off agst income, if any, under the head Capital Gains assessable for that A.Y. in respect of any other capital asset not being STCA." So my query is whether assessee can take setoff of STCG agst LTCL.
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