https://www.taxtmi.com/caselaws?id=181136 The amended set-off and carry-forward scheme under sections 70 and 74 governed adjustment of brought forward long-term capital loss in the assessment year in which the loss was actually set off, so the earlier loss could not be adjusted against short-term capital gain for assessment year 2003-04. The argument based on vested rights and section 6(c) of the General Clauses Act was rejected because the matter concerned amendment of an existing provision, not repeal of a statute. Section 234D was held inapplicable to assessment year 2003-04 because it operated only from assessment year 2004-05, so interest under that provision was not leviable. en-us Fri, 22 May 2009 00:00:00 +0530 Fri, 08 Apr 2016 10:36:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181136 The amended set-off and carry-forward scheme under sections 70 and 74 governed adjustment of brought forward long-term capital loss in the assessment year in which the loss was actually set off, so the earlier loss could not be adjusted against short-term capital gain for assessment year 2003-04. The argument based on vested rights and section 6(c) of the General Clauses Act was rejected because the matter concerned amendment of an existing provision, not repeal of a statute. Section 234D was held inapplicable to assessment year 2003-04 because it operated only from assessment year 2004-05, so interest under that provision was not leviable. Case-Laws Income Tax Fri, 22 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181136