Meaning of tax terms
Meaning of “Against the income…. In respect of any other capital asset”
Case Name : ITO vs. Ram kumar agarwal
Citation : [1992] 42 ITD 270 (cal. – Trib.)
Court : Kolkata high court
Section : 70 to 79
Meaning : The words used in section 70(2)(i) ‘against the income, if any, as arrived at under a similar computation made for the assessment year in respect of any other capital asset’, can only refer to short-term capital gains arising in the same assessment year on the sale of any other short-term capital asset.
