Disallowance of set-off of short-term capital loss allowable to set-off against short term capital gain u/s 70 and 71 of Income Tax Act: ITAT [Read Order]

By Fathima Karama A.M - On September 1, 2023 12:08 pm - 2 mins read

Disallowance of set-off of short-term capital loss allowable to set - off against short term capital gain - Income Tax Act - ITAT - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the disallowance of setoff of short-term capital loss is allowable to set-off against short-term capital gain under Section 70 and 71 of Income Tax Act 1961. The assessee, Prem Naraindas Raney was an individual and partner in the firm Raney and Co. For…

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