2004 (11) TMI 91

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....on 256(1) of the Income-tax Act, 1961, for opinion to this court: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the assessee is entitled to the relief under section 80T on the entire amount of long-term capital gains arising from the sale of building and not on the net amount of long-term capital gains, arrived ....

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....res, which arose during the same year. Heard Sri Shambu Chopra, learned counsel for the Revenue and Sri V.K. Rastogi, learned counsel for the assessee. In view of the insertion of section 80AB of the Act, deduction under Chapter VI-A is admissible on the net income only. Section 80AB has been held to be retrospective in operation by the Supreme Court in the cases of H.H. Sir Rama Varma v. CI....