Loss u/s 10(38) not to be allowed as deduction. SC in Harprasad & Co. followed. Mumbai Tribunal in case of Raptokas Brett & Co. Ltd. Rendered on 10-06-2015 ITA 3317/2009 not considered -M/s. LGW Limited ITA No.267/Kol/2013 Date of Pronouncement : 07.10.2015.

Long Term Capital Gain and Loss on Shares

     Taxation of shares in recent times has undergone number of changes. Finance Act 2004 sought to exempt long term capital gain on equity shares and equity oriented funds in the hands of all  types of investors including FIIs, institutional investors and other foreign nationals by introducing section 10(38). However this seemingly simple exemption clause with times has unfolded a number of issues . This article is a humble attempt to deal with a few taxation issues pertaining to income as well loss arising from long term capital assets in the form of  equity shares and equity oriented funds

Mumbai ITAT allows set-off of long-term capital loss arising from sale of STT paid equity shares

FOLLOWED Hon'ble Calcutta High Court in the case of Royal Calcutta Turf Club v. CIT (1983) 144 ITR 709 (Cal). In this decision it was submitted that similar issue with regard to the losses on account