COMMISSIONER OF INCOME TAX-III Vs. SANJIV KAPUR

JUDGEMENT

(1.) THE substantial question of law raised in this appeal by the revenue is as under:

(2.) THE contention of the Revenue is, a short term capital loss can be set off only against short term capital gain. A short term capital loss cannot be set off against a long term capital gain.

(3.) SECTION 70 of the Income Tax Act, 1961, which deals with set off of loss from one source against income from another source under the same head of income reads as under: