https://www.taxtmi.com/caselaws?id=36205 The HC ruled in favor of the revenue, determining that brought-forward capital losses must be set off against capital gains related to non-short-term assets for the assessment year under Section 74(1)(a)(ii) of the Income Tax Act. The Tribunal's interpretation, which prioritized Section 80T deductions before set-off, was deemed incorrect. The court ordered the assessee to pay costs to the Commissioner and certified the case for appeal to the SC due to substantial legal questions and conflicting HC decisions. en-us Thu, 25 Sep 1980 00:00:00 +0530 Sun, 22 Dec 2024 07:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36205 The HC ruled in favor of the revenue, determining that brought-forward capital losses must be set off against capital gains related to non-short-term assets for the assessment year under Section 74(1)(a)(ii) of the Income Tax Act. The Tribunal's interpretation, which prioritized Section 80T deductions before set-off, was deemed incorrect. The court ordered the assessee to pay costs to the Commissioner and certified the case for appeal to the SC due to substantial legal questions and conflicting HC decisions. Case-Laws Income Tax Thu, 25 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36205