1984 (1) TMI 145

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....e order of the AAC granting deduction under section 80T of the Income-tax Act, 1961 ('the Act'). 2. The assessee is an individual. In the previous year ended 31-12-1979, corresponding to the assessment year 1980-81, the assessee had shown loss of Rs. 44,208 under the head 'Profits and gains of business or profession'. The assessee also had capital gains of Rs. 29,600 from the sale of the proper....

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....he deduction under section 80T. 3. The revenue is in appeal to contend that the deduction under section 80T is not a step in the computation of the capital gains but a step in the computation of the net taxable income and should succeed the determination of gross total income which could be arrived at only by setting off the income from one head against the loss from another head. Reliance was ....

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.... of the Act provided for the deduction under section 80T only out of the gross total income. The intention of the Parliament appears to be that where the assessee has taxable capital gains, the assessee would be entitled to some deduction under section 80T. But, if there is no taxable capital gains in the sense that capital gain is set off against the loss under some other head of income, then the....