https://www.taxtmi.com/caselaws?id=233826 Income exempt under section 10(38), arising from transfer of long-term capital assets, falls outside total income and cannot be adjusted against brought-forward losses from sale of shares. Since exempt gains are not income included in the computation of total income, they are unavailable for set-off. The assessee's proposed adjustment of share-sale losses against exempt share-sale income was therefore rejected, and the Tribunal's view required no interference. en-us Tue, 23 Apr 2013 00:00:00 +0530 Tue, 11 Jun 2013 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233826 Income exempt under section 10(38), arising from transfer of long-term capital assets, falls outside total income and cannot be adjusted against brought-forward losses from sale of shares. Since exempt gains are not income included in the computation of total income, they are unavailable for set-off. The assessee's proposed adjustment of share-sale losses against exempt share-sale income was therefore rejected, and the Tribunal's view required no interference. Case-Laws Income Tax Tue, 23 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233826