https://www.taxtmi.com/caselaws?id=8647 Section 17(6) of the Income-tax Act, 1922 was treated as a special provision for cases where an assessee's total income includes capital gains. The court rejected a purely algebraic reading that would eliminate tax where losses under other heads absorbed the capital gains, holding that such an interpretation would defeat the statutory object of taxing income and capital gains liable to tax. The provision was construed harmoniously so that only the capital gains actually remaining after absorption by the loss were brought to tax, and the Income-tax Officer's computation was upheld. en-us Thu, 07 Oct 1971 00:00:00 +0530 Sat, 09 May 2009 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8647 Section 17(6) of the Income-tax Act, 1922 was treated as a special provision for cases where an assessee's total income includes capital gains. The court rejected a purely algebraic reading that would eliminate tax where losses under other heads absorbed the capital gains, holding that such an interpretation would defeat the statutory object of taxing income and capital gains liable to tax. The provision was construed harmoniously so that only the capital gains actually remaining after absorption by the loss were brought to tax, and the Income-tax Officer's computation was upheld. Case-Laws Income Tax Thu, 07 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8647