https://www.taxtmi.com/caselaws?id=168625 The court ruled in favor of the revenue's interpretation, emphasizing that deductions on capital gains should be computed based on the gross total income as per the provisions of the Income Tax Act. The dispute centered on whether relief under section 80T should be calculated on the gross amount of capital gains or the net amount after set off of carried forward capital losses from earlier years. The court referenced a Supreme Court decision and highlighted the importance of aligning with the statutory definition of "gross total income" in section 80B(5) for determining relief under section 80T. en-us Sun, 04 Feb 1979 00:00:00 +0530 Wed, 18 Mar 2015 11:55:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168625 The court ruled in favor of the revenue's interpretation, emphasizing that deductions on capital gains should be computed based on the gross total income as per the provisions of the Income Tax Act. The dispute centered on whether relief under section 80T should be calculated on the gross amount of capital gains or the net amount after set off of carried forward capital losses from earlier years. The court referenced a Supreme Court decision and highlighted the importance of aligning with the statutory definition of "gross total income" in section 80B(5) for determining relief under section 80T. Case-Laws Income Tax Sun, 04 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168625