https://www.taxtmi.com/caselaws?id=27725 For computing chargeable profits under rule 1(i) of the First Schedule to the Companies (Profits) Surtax Act, 1964, the exclusion of income under the head "Capital gains" extends to the whole head and not only to positive capital gains. The court treated short-term capital loss as part of the same capital gains head under the Income-tax Act's computation provisions, including set-off and carry-forward rules, and applied the principle that statutory "income" may include losses where context so requires. Short-term capital loss was therefore held to fall within the exclusion and was rightly left out of chargeable profits. en-us Fri, 21 Oct 1983 00:00:00 +0530 Mon, 15 Feb 2010 16:42:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27725 For computing chargeable profits under rule 1(i) of the First Schedule to the Companies (Profits) Surtax Act, 1964, the exclusion of income under the head "Capital gains" extends to the whole head and not only to positive capital gains. The court treated short-term capital loss as part of the same capital gains head under the Income-tax Act's computation provisions, including set-off and carry-forward rules, and applied the principle that statutory "income" may include losses where context so requires. Short-term capital loss was therefore held to fall within the exclusion and was rightly left out of chargeable profits. Case-Laws Income Tax Fri, 21 Oct 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27725