United Investment v. ACIT (Kol)(Trib), www.itatonline.org

S. 45: Capital loss- Long term capital gains- Long term capital loss – Set -off is allowed against taxable income .[ S.(2(14) ,2(39A)10 (38 ), 45, 70 , 71,72,74 ]

Tribunal held that the fact that “long-term capital gains” on listed shares are exempt from tax does not mean that “long-term capital loss” on such shares is not available for set-off against taxable income. While the gains are exempt, there is no bar against claiming set-off of the loss (CIT v. J.H. Gotla (1985) 156 ITR 323 (SC) distinguished, CBDT Circular No.7/2013 dated 16.07.2013 referred, Raptakos Bret & Co v DCIT (2015) 69 SOT 383 (Mum) (Trib) followed)  ( ITA No.511/Kol/2017, dt. 01.07.2019)(AY. 2013-14)