https://www.taxtmi.com/caselaws?id=5442 SC affirmed the lower court, dismissing the appeal and holding that capital gains must be computed before set-off of prior years' capital losses. The Court overturned the earlier Cloth Traders interpretation, treated sections 80AA and 80AB as declaratory of existing law, and read section 80T independently to support that deduction approach. Noting section 80T was later repealed and its provisions largely shifted into section 48, the SC declined to express any view on the post-April 1, 1981 position. en-us Tue, 02 Nov 1993 00:00:00 +0530 Fri, 17 Oct 2025 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5442 SC affirmed the lower court, dismissing the appeal and holding that capital gains must be computed before set-off of prior years' capital losses. The Court overturned the earlier Cloth Traders interpretation, treated sections 80AA and 80AB as declaratory of existing law, and read section 80T independently to support that deduction approach. Noting section 80T was later repealed and its provisions largely shifted into section 48, the SC declined to express any view on the post-April 1, 1981 position. Case-Laws Income Tax Tue, 02 Nov 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5442