On appeal by the revenue the following question of law is admitted by High Court.

“Whether on the facts and in the circumstances of the case and in law, Tribunal was justified in directing to allow the claim for carry forward of long term capital loss on sale of shares to be set of in subsequent years without appreciating that the long term capital loss on sale of the shares being exempt u/s. 10(38) of the Income Tax Act, 1961 the loss was not liable to be set of against the taxable long term capital gains on sale of other assets or to be carried forward for set of against taxable long term  capital gains in the subsequent assessment years ? “

( Editorial : Tribunal followed  Raptakos Brett & Co. Ltd.( ITA Nos. 3317/Mum/2009 and 1692/Mum/2010  10.06.2015   dismissed by High court ITA No 357 of 2016 dt 98-08- 2018 for want of  non-prosecution . Also refer ,   Royal Calcutta Turf Club .v CIT  (1983  )144 ITR 709 ( Cal ) (HC) favour to assessee .  Kishorebhai Bhikhabhai Virani v  ACIT  (2015 )367 ITR 261 ( Guj) (HC) , against the assessee. ) (ITA No. 4751/Mum/2012  dt 28 -10 -2016 ( AY. 2005-06.)  (ITA NO. 1176 of  2017  dt  27 -01 -2020 )