https://www.taxtmi.com/caselaws?id=76434 The High Court partially allowed the original petition challenging the Settlement Commission's order on block assessment for assessment years 1986-87 to 1996-97. It held that the Settlement Commission erred in allowing the set off of carried forward loss in the computation of long-term capital gains, contrary to statutory provisions. The court modified the Commission's order, disallowing the deduction claimed by the assessee and directing the Assessing Officer to demand tax and interest accordingly. The High Court emphasized that the Settlement Commission must adhere to statutory constraints and cannot grant deductions contrary to express bars in the law. en-us Wed, 29 Jul 2009 00:00:00 +0530 Thu, 31 Jan 2013 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76434 The High Court partially allowed the original petition challenging the Settlement Commission's order on block assessment for assessment years 1986-87 to 1996-97. It held that the Settlement Commission erred in allowing the set off of carried forward loss in the computation of long-term capital gains, contrary to statutory provisions. The court modified the Commission's order, disallowing the deduction claimed by the assessee and directing the Assessing Officer to demand tax and interest accordingly. The High Court emphasized that the Settlement Commission must adhere to statutory constraints and cannot grant deductions contrary to express bars in the law. Case-Laws Income Tax Wed, 29 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76434