https://www.taxtmi.com/caselaws?id=5419 The Supreme Court upheld the Madras High Court's decision regarding the computation of capital gains from the sale of shares by a registered firm. The Court agreed with the Revenue's method of setting off long-term capital losses against gains before applying deductions under section 80T. Emphasizing the specific provisions of section 80T and section 70(2)(ii), the judgment clarified that deductions should be applied to the total capital gains without separate treatment for individual assets. This ruling provided clarity on the application of provisions for setting off long-term capital losses against gains, supporting the Revenue's approach and dismissing the appeal. en-us Wed, 28 Apr 1993 00:00:00 +0530 Mon, 24 Nov 2008 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5419 The Supreme Court upheld the Madras High Court's decision regarding the computation of capital gains from the sale of shares by a registered firm. The Court agreed with the Revenue's method of setting off long-term capital losses against gains before applying deductions under section 80T. Emphasizing the specific provisions of section 80T and section 70(2)(ii), the judgment clarified that deductions should be applied to the total capital gains without separate treatment for individual assets. This ruling provided clarity on the application of provisions for setting off long-term capital losses against gains, supporting the Revenue's approach and dismissing the appeal. Case-Laws Income Tax Wed, 28 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5419