https://www.taxtmi.com/caselaws?id=185592 The appeal involved the setting off of brought forward long term capital loss against long term capital gain under section 10(38) of the Income Tax Act, 1961. The Tribunal held that exempt income under section 10(38) should not be set off against losses, directing the Assessing Officer not to adjust the losses against the exempt income. Additionally, the Tribunal disallowed an expenditure under section 14A of the Act, as there was no evidence to support that the expenditure was incurred for earning exempt income, resulting in the deletion of the addition made on an estimate basis. en-us Tue, 30 Nov 2010 00:00:00 +0530 Sat, 20 Aug 2016 17:21:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=185592 The appeal involved the setting off of brought forward long term capital loss against long term capital gain under section 10(38) of the Income Tax Act, 1961. The Tribunal held that exempt income under section 10(38) should not be set off against losses, directing the Assessing Officer not to adjust the losses against the exempt income. Additionally, the Tribunal disallowed an expenditure under section 14A of the Act, as there was no evidence to support that the expenditure was incurred for earning exempt income, resulting in the deletion of the addition made on an estimate basis. Case-Laws Income Tax Tue, 30 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=185592