Loss arising from sale of shares of sister concern against income arising from shares of other company was to be allowed

IT : Where assessee sold shares of a company at a price quoted at stock exchange whereas shares of sister concern were sold at loss because said company was in red, there being no doubt about genuineness of share transactions, assessee's claim for set off of loss arising from sale of shares of sister concern against income arising from shares of other company was to be allowed
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[2014] 49 taxmann.com 56 (Bombay)
HIGH COURT OF BOMBAY
Commissioner of Income-tax
v.
Hede Consultancy Co. (P.) Ltd.*
NARESH H. PATIL AND F.M. REIS, JJ.
TAX APPEAL NO. 54 OF 2006†
OCTOBER  23, 2013

Section 70 of the Income-tax Act, 1961 - Losses - Set off of from one source against income from another source under same head of income (Shares transactions) - Assessment year 1995-96 - Whether where assessee sold shares of a company at a price quoted at stock exchange whereas shares of sister concern were sold at loss because said company was in red, there being no doubt about genuineness of share transactions, assessee's claim for set off of loss arising from sale of shares of sister concern against income arising from shares of other company was to be allowed - Held, yes [Para 6] [In favour of assessee]