https://www.taxtmi.com/caselaws?id=205014 The Tribunal held that the deduction under section 54EC should be granted before setting off brought forward losses, as the exempted income under section 54EC cannot be part of the chargeable income under "income from capital gains." The Tribunal rejected the Commissioner's argument and concluded that the Assessing Officer's order was not erroneous. Consequently, the Tribunal allowed the appeal, quashed the revision order, and clarified the correct timing for setting off brought forward long term capital losses in relation to the deduction under section 54EC. en-us Tue, 31 May 2011 00:00:00 +0530 Tue, 07 Jun 2011 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=205014 The Tribunal held that the deduction under section 54EC should be granted before setting off brought forward losses, as the exempted income under section 54EC cannot be part of the chargeable income under "income from capital gains." The Tribunal rejected the Commissioner's argument and concluded that the Assessing Officer's order was not erroneous. Consequently, the Tribunal allowed the appeal, quashed the revision order, and clarified the correct timing for setting off brought forward long term capital losses in relation to the deduction under section 54EC. Case-Laws Income Tax Tue, 31 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=205014