B/F short-term capital loss not to be set off against exempt capital gains; ITAT allowed carry forward of losses

INCOME TAX : Where assessee an FII based in Mauritius, had claimed the short-term and long-term capital gains arising in its hands from transfer of securities in Indian market, as exempt, under Article 13 of the DTAA which was allowed accordingly, Assessing Officer erred in concluding that the short term and long term capital gains earned by the assessee from transfer of securities in India during the year under consideration were to be adjusted against the STCL brought forward by the assessee f

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