The assessee, a tax resident of USA, was registered with the Security Exchange Board of India (SEBI) as a Foreign Portfolio Investors (FPI) for carrying out investment activity in Indian capital markets.  The assessee claimed short-term capital gain (STCG) on the sale of derivatives taxable at rate of 30 per cent and during the year, the assessee had also claimed short-term capital loss (STCL) taxable at rate of 15 per cent and the same was set off against the STCG which was taxable at rate of 30 per cent as referred above. In addition to that, the assessee had also claimed brought forward STCL taxable at the rate of 15 per cent to set off against the balance STCG earned on sale of derivatives. The Assessing Officer after referring provisions of section 70(2) held that the STCG on derivatives taxable at rate of 30 per cent and STCL taxable at the rate of 15 per cent were not falling under similar computation and, therefore, disallowed the claim of set off. DRP affirmed the order of the AO. On appeal the  Tribunal held that  under provisions of section 70(2), STCL arising from any asset could be set off against STCG arising from any other asset under a similar computation made irrespective of different rate of tax. (AY. 2020-21)