https://www.taxtmi.com/caselaws?id=7532 Capital gains were not taxable where, on the facts, the assessment yielded an overall loss and the gains were absorbed in the computation of income, so no tax levy arose on that component. On set-off, capital gains, though assessed under a separate head, could be adjusted against loss under another head for computation and carry forward under section 24(1) of the Income-tax Act, 1922, and the Tribunal should not have excluded that adjustment. The reference thus reflected a mixed position: relief on the taxability of capital gains and acceptance of the revenue's position on the set-off principle. en-us Thu, 23 Jan 1969 00:00:00 +0530 Wed, 25 Feb 2009 17:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7532 Capital gains were not taxable where, on the facts, the assessment yielded an overall loss and the gains were absorbed in the computation of income, so no tax levy arose on that component. On set-off, capital gains, though assessed under a separate head, could be adjusted against loss under another head for computation and carry forward under section 24(1) of the Income-tax Act, 1922, and the Tribunal should not have excluded that adjustment. The reference thus reflected a mixed position: relief on the taxability of capital gains and acceptance of the revenue's position on the set-off principle. Case-Laws Income Tax Thu, 23 Jan 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7532