1989 (9) TMI 78

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....tion of law raised in this reference at the instance of the Department is : "Whether the set off of capital loss brought forward from the earlier year against the capital gain of the current year as contemplated under section 74 of the Act should be made only after the deduction contemplated under section 80T of the Act is made from such income ?" The assessee is an individual. The proceedin....

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.... with him. The Tribunal, however, agreed with the assessee and held that the taxable amount out of the long-term capital gains under section 80T should be determined first and the loss under the head "Long-term capital gains" from the earlier year should be set off thereafter. In the very nature of the scheme of the Income-tax Act, deductions under the provisions of Chapter VI-A which includes ....