Manner of set off in intra head income of short-term capital loss against short term capital gains

Facts:

Assessee a foreign institutional investor had returned short term capital losses. They also had some short term capital gains taxable @ 30% as well as short term capital gains taxable @ 15%. Set off within the intra head set off of short term capital loss was first done by adjusting the losses against the 30% taxable STCG and then against the 15% STCG and then the balance losses were claimed to be carried forward. AO read it the other way denying the set off against the 30% taxable STCG citing that only same tax rate gain and loss ought to be set off. On appeal -

Held in favour of the assessee that the manner of set off within the intra head is not explained in Section 70. This is left to the decision of the assessee.

Applied :

Own case of Assessee for the A.Y. 2015-16

Special Bench of Jurisdictional Mumbai Tribunal - Montgomery Emerging Markets Fund (2006) 100 ITD 217 (Mum-Trib) : 2006 TaxPub(DT) 1541 (Mum-Trib)

ADIT(International Taxation)-4(1) v. Legg Mason Asia (Ex Japan) Analyst Fund 2014 TaxPub(DT) 0868 (Mum-Trib)

CBDT Circular No.. 8 of 2002, dated 28-7-2002 referred to.

Case: Dy. CIT v. J.P. Morgan Fund 2023 TaxPub(DT) 1927 (Mum-Trib)