The Economic Times

Man sets-off Rs 5.18 crore short term capital loss from shares against Rs 5.21 crore LTCG; tax dept sent notice; he wins case in HC

A taxpayer has won a significant victory in the Bombay High Court. The court allowed the set-off of short-term capital loss against long-term capital gains. The tax department's addition of Rs 5.43 crore as unexplained cash credit and undisclosed long-term capital gains was deleted. The High Court emphasized consistency, noting similar relief granted to the taxpayer's father and brother.