https://www.taxtmi.com/caselaws?id=5228 A capital loss computed and recorded in assessment under the Indian Income-tax Act, 1922 remained available for carry forward and set-off against later capital gains under the Income-tax Act, 1961. Reading section 74(1)(b) with section 80, the Supreme Court treated the transition provision as preserving the earlier entitlement where the loss had been determined in assessment proceedings. Section 80 did not bar the claim because the loss was already ascertained under the earlier Act. The Revenue's objection to set-off therefore failed, and the loss was held admissible for set-off in the later year. en-us Wed, 22 Apr 1987 00:00:00 +0530 Tue, 23 Oct 2018 15:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5228 A capital loss computed and recorded in assessment under the Indian Income-tax Act, 1922 remained available for carry forward and set-off against later capital gains under the Income-tax Act, 1961. Reading section 74(1)(b) with section 80, the Supreme Court treated the transition provision as preserving the earlier entitlement where the loss had been determined in assessment proceedings. Section 80 did not bar the claim because the loss was already ascertained under the earlier Act. The Revenue's objection to set-off therefore failed, and the loss was held admissible for set-off in the later year. Case-Laws Income Tax Wed, 22 Apr 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5228