Monday, June 6, 2011

STCG loss, attributable to a genuine business transaction, can be set off

Short term capital loss, attributable to a genuine business transaction, can be set-off against long-term capital gains

Income-tax : It is not within the province of Assessing Officer to ignore an otherwise genuine transaction and to brand it as a colourable one on ground that it was duty of the company to invest further amount or it should have waited for a reasonable period [Section 74 of the Income-tax Act, 1961 - Losses under the head `Capital gains'] - [2011] 10 taxmann.com 119 (Cal.) 

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