Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (5) TMI 236 - AT - Income TaxRevision - Exemption u/s 54EC - Long term capital gain - Set off and carry forward long term capital loss - . A plain reading of these provisions would show that while section 54EC comes into play in the process of computing capital gains which are assessable under the head “capital gains” section 74(1) (b) comes into play only when the income assessable to tax under the head capital gains is computed - The stage at which set off of carried forward long term capital loss is to be given is subsequent to the stage at which income under the head capital gains is computed and deduction under section 54EC is to be given in the course of the latter - Therefore Commissioner erred in assuming the order under section 263 because these errors can only be assumed when the order of the AO is erroneous and prejudicial to the interest of the revenue whereas in the present case, the order was not erroneous at all - Decided in the favour of the assessee
|