https://www.taxtmi.com/caselaws?id=59508 The Tribunal allowed the assessee's claim for carrying forward a long-term capital loss, ruling that the loss cannot be set off against an exempt long-term capital gain under Section 10(38) of the Income Tax Act. The Tribunal emphasized that incomes exempt under Chapter III are not part of the total income computation and cannot be aggregated for set-off purposes. The decision overturned the Assessing Officer and Commissioner of Income Tax (Appeals) rulings, highlighting that losses from exempt sources cannot be offset against income from other sources, in line with legislative intent behind Section 10(38). en-us Tue, 09 Feb 2010 00:00:00 +0530 Mon, 21 Aug 2023 10:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59508 The Tribunal allowed the assessee's claim for carrying forward a long-term capital loss, ruling that the loss cannot be set off against an exempt long-term capital gain under Section 10(38) of the Income Tax Act. The Tribunal emphasized that incomes exempt under Chapter III are not part of the total income computation and cannot be aggregated for set-off purposes. The decision overturned the Assessing Officer and Commissioner of Income Tax (Appeals) rulings, highlighting that losses from exempt sources cannot be offset against income from other sources, in line with legislative intent behind Section 10(38). Case-Laws Income Tax Tue, 09 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59508