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Long-term capital loss arising from sale of quoted equity shares with STT paid was eligible to be set-off against long-term capital gain earned from sale of unquoted shares, in view of specific provisions of sections 2(14), 10(38), 45, 47 and 48.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 3 mins

50 Riya Gupta vs. DCIT

[2024] 113 ITR(T) 1 (Kol - Trib.)

ITA NO. 46 (KOL.) OF 2024

A.Y.: 2014-15

DATED: 6th June, 2024

Sec. 70

Long-term capital loss arising from sale of quoted equity shares with STT paid was eligible to be set-off against long-term capital gain earned from sale of unquoted shares, in view of specific provisions of sections 2(14), 10(38), 45, 47 and 48.

FACTS

The assessee filed return of income on 31st July, 2014 declaring total income of ₹18,31,980/. -During the assessment proceedings, the AO called for various information from the assessee which were supplied and replied by the assessee. The AO passed the order making various additions including the additio

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