https://www.taxtmi.com/caselaws?id=16818 The High Court ruled in favor of the assessee, holding that the deduction under section 80T on capital gains should be allowed on the gross income from capital gains, not the net amount. The court emphasized that "such income" in section 80T refers specifically to long-term capital gains. The court declined to answer certain questions and focused on the re-computation of the deduction under section 80T, deciding against the Revenue and in favor of the assessee. The judgment was forwarded to the Income-tax Appellate Tribunal for further action. en-us Wed, 11 Sep 1996 00:00:00 +0530 Sat, 12 Sep 2009 13:31:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16818 The High Court ruled in favor of the assessee, holding that the deduction under section 80T on capital gains should be allowed on the gross income from capital gains, not the net amount. The court emphasized that "such income" in section 80T refers specifically to long-term capital gains. The court declined to answer certain questions and focused on the re-computation of the deduction under section 80T, deciding against the Revenue and in favor of the assessee. The judgment was forwarded to the Income-tax Appellate Tribunal for further action. Case-Laws Income Tax Wed, 11 Sep 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16818