{"id":51372,"date":"2025-02-24T17:03:50","date_gmt":"2025-02-24T11:33:50","guid":{"rendered":"https:\/\/itatonline.org\/digest\/rita-gupta-v-dy-cit-2024113-itr-1-kol-trib\/"},"modified":"2025-02-24T17:03:50","modified_gmt":"2025-02-24T11:33:50","slug":"rita-gupta-v-dy-cit-2024113-itr-1-kol-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/rita-gupta-v-dy-cit-2024113-itr-1-kol-trib\/","title":{"rendered":"Rita Gupta v. Dy. CIT (2024)113 ITR 1 (Kol) (Trib)"},"content":{"rendered":"<p>Held, that the loss incurred on the sale of shares on a stock exchange platform, where securities transaction tax is\u00a0 paid, is\u00a0 eligible to be set off against the long-term capital gains earned by the assessee from sale of unlisted shares. The AO is directed to set off the loss against the long-term capital gains.\u00a0 Relied on Royal Calcutta Turf Club v.CIT(1983) 144 ITR 709 (Cal)(HC), wherein the Court held that when the entire source is not excluded from the charging section and only a special type of the income is excluded then the interpretation of law has to be made strictly and cannot be deemed to include the any other income or loss resulting or falling within the same source.\u00a0 (AY.2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 70 : Set off of  loss-One source against income from another source-Same head of income-Loss incurred on sale of shares on Stock exchange platform-Securities transaction tax paid-Eligible to be set off  against long-term capital gains earned from sale of unlisted shares. [S. 10(38), 45, 71 74] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-51372","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dmA","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=51372"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51372\/revisions"}],"predecessor-version":[{"id":51373,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/51372\/revisions\/51373"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=51372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=51372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=51372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}