https://www.taxtmi.com/caselaws?id=59752 The Tribunal ruled in favor of the assessee in two appeals by the Revenue regarding income-tax assessments involving long-term capital gains and short-term capital losses. It held that short-term capital losses should not be set off against long-term capital gains before allowing relief under section 80T of the Income Tax Act. The Tribunal clarified that section 70(2)(i) deals with set off of short-term capital losses against short-term capital gains, while section 71(3) permits set off of losses from one head against income from another. The Tribunal emphasized that section 71(3) enables set off of short-term capital losses against income from other sources, supporting the assessee's position. The Revenue's appeals were dismissed. en-us Mon, 18 May 1992 00:00:00 +0530 Fri, 31 Dec 2010 18:59:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59752 The Tribunal ruled in favor of the assessee in two appeals by the Revenue regarding income-tax assessments involving long-term capital gains and short-term capital losses. It held that short-term capital losses should not be set off against long-term capital gains before allowing relief under section 80T of the Income Tax Act. The Tribunal clarified that section 70(2)(i) deals with set off of short-term capital losses against short-term capital gains, while section 71(3) permits set off of losses from one head against income from another. The Tribunal emphasized that section 71(3) enables set off of short-term capital losses against income from other sources, supporting the assessee's position. The Revenue's appeals were dismissed. Case-Laws Income Tax Mon, 18 May 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59752