https://www.taxtmi.com/caselaws?id=245669 The High Court ruled against the Revenue, affirming that Central Excise & Sales Tax should not be included in the total turnover for deduction u/s.80HHC. Regarding the Long Term Capital Loss claim on mutual fund units, the Court analyzed conflicting tax-free income and losses, citing section 94(7) of the Income Tax Act. The Court emphasized losses exceeding dividends should be allowed post specified date, directing the Assessing Officer to compute the loss in accordance with the Supreme Court's decision. The judgment clarified legal principles and directed proper computation of losses, partially favoring both parties. en-us Wed, 19 Mar 2014 00:00:00 +0530 Thu, 03 Apr 2014 12:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245669 The High Court ruled against the Revenue, affirming that Central Excise & Sales Tax should not be included in the total turnover for deduction u/s.80HHC. Regarding the Long Term Capital Loss claim on mutual fund units, the Court analyzed conflicting tax-free income and losses, citing section 94(7) of the Income Tax Act. The Court emphasized losses exceeding dividends should be allowed post specified date, directing the Assessing Officer to compute the loss in accordance with the Supreme Court's decision. The judgment clarified legal principles and directed proper computation of losses, partially favoring both parties. Case-Laws Income Tax Wed, 19 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245669