https://www.taxtmi.com/caselaws?id=23803 The High Court held that the assessee was not entitled to a deduction under section 80T(b)(i) on the entire amount of long-term capital gains from the sale of a property but only on the net amount after adjusting for capital losses. The Court emphasized the need to compute total income under each head before considering deductions under Chapter VI-A of the Income-tax Act, 1961. Relying on relevant precedents and statutory provisions, the Court ruled in favor of the Revenue, highlighting the importance of setting off losses and following the sequential process of computing income before allowing special deductions. en-us Wed, 14 Dec 1988 00:00:00 +0530 Thu, 14 Jan 2010 13:28:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=23803 The High Court held that the assessee was not entitled to a deduction under section 80T(b)(i) on the entire amount of long-term capital gains from the sale of a property but only on the net amount after adjusting for capital losses. The Court emphasized the need to compute total income under each head before considering deductions under Chapter VI-A of the Income-tax Act, 1961. Relying on relevant precedents and statutory provisions, the Court ruled in favor of the Revenue, highlighting the importance of setting off losses and following the sequential process of computing income before allowing special deductions. Case-Laws Income Tax Wed, 14 Dec 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=23803