STCL Off settable Against STCG across Assets Regardless of Tax Rate Disparity u/s 70 (2) of Income Tax Act: ITAT [Read Order]

The provisions of Section 70(2), STCL arising from any asset can be set off against STCG arising from any other asset under a similar computation made irrespective of different rate of tax
ITAT - Income tax - Tax rate disparity - Short term capital loss - Short term capital gain - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that Short Term Capital Loss ( STCL ) offsettable against Short Term Capital Gain ( STCG ) across assets regardless of tax rate disparity under Section 70 (2) of Income Tax Act, 1961 The assessee was a nonresident entity registered with the Security…

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