https://www.taxtmi.com/caselaws?id=20237 The High Court of GUJARAT clarified that the term "capital" under section 13(4) of the Income-tax Act does not include reserves, leading to a negative outcome for the assessee. The Court ruled in favor of the Revenue for questions 1 and 2. However, the Court allowed deficits incurred by the assessee to be set off against other income, contrary to the Revenue's stance, resulting in a favorable outcome for the assessee for question 3. Additionally, deficits incurred by a charitable trust running a school could not be set off against other income for total income computation, with the Court ruling in favor of the Revenue for question 4. en-us Wed, 16 Jun 1993 00:00:00 +0530 Thu, 12 Nov 2009 16:37:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20237 The High Court of GUJARAT clarified that the term "capital" under section 13(4) of the Income-tax Act does not include reserves, leading to a negative outcome for the assessee. The Court ruled in favor of the Revenue for questions 1 and 2. However, the Court allowed deficits incurred by the assessee to be set off against other income, contrary to the Revenue's stance, resulting in a favorable outcome for the assessee for question 3. Additionally, deficits incurred by a charitable trust running a school could not be set off against other income for total income computation, with the Court ruling in favor of the Revenue for question 4. Case-Laws Income Tax Wed, 16 Jun 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20237