1982 (1) TMI 19

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....AN J.-In this case, the assessee claimed relief under s. 80T of the I.T. Act, 1961. This section grants relief to an assessee other than a company, where the gross total income includes " any income chargeable under the head 'Capital gains ' relating to capital assets other than short-term capital assets ". In the present case, the assessee had two long-term capital assets, to wit, equity shares i....

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....f Rs. 48,767, being the long-term capital gains on the sale of the house sites. The question is whether the Tribunal's decision is correct. A reading of s. 80T will clearly show that the relief is exigible not on individualised items of long-term capital gains, but on the contrary, it is on " income chargeable under the head 'Capital gains' relating to capital assets other than short-term capit....

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....laid down by s. 70(2)(ii) of the Act. In the present case, the long-term capital loss on the sale of shares was Rs. 96,907, whereas the long-term capital gains on the sale of real property was only Rs. 48,767; the net result of the computation under the sub-head " Long-term capital gains " was a loss of Rs. 48,140. Since this net result was loss, there can be no question of any relief under s. 80T....