2007 (3) TMI 145

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....s to whether the Tribunal was right in holding that the short-term capital loss should not be deducted from the profits for the purpose of computation of deduction under Section 80 HHC.  The appeal relates to the assessment year 1990-91. 2. It is seen that while computing the business income for the purpose of Section 80 HHC, the Income Tax Officer deducted the short-term capital loss from t....

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.... 80 HHC should be computed as per Section 28 of the Income Tax Act and that the capital loss should be excluded from the business income for computing the deduction under Section 80 HHC. She also pointed out that the earlier order referred to in the Tribunal's order pertains to a different issue.  It is a subject matter of Tax Case Nos.404 and 405 of 2004.   5. It may be noted tha....