9911796707
TMI Blog1987 (11) TMI 145X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 2,77,431 Less : Relief u/s 80T 73,108 ------------ 2,04,323 3. Other sources 256 ------------ 2,25,179 Less : Loss in prope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons of the Act. 3. Section 80T says that where the gross total income of the assessee includes income chargeable under the head "Capital gains" there shall be allowed a deduction from such income in the amount prescribed. As we have seen from the computation of the total income in the assessment order set out above the income chargeable under the head 'Capital gains' was the amount of Rs. 2,77,431. The section talks only of the income chargeable under the head 'Capital gains'. Section 48 provides for the mode of computation of capital gains and it does not require the setting off of any other loss in computing the capital gains. It is only while computing the total income that the loss under one head of income is to be set off against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the incomes under the various heads as given below since section 80A requires the deductions to be given out of the gross total income : Rs. Salary 20,600 Capital gains 2,77,431 Other sources 256 ------------ 2,98,287 Less : Property loss 3,568 Business loss 1,06,512 -------------- 1,10,080 --------------- Gross total income 1,88,207 Deduction u/s 80T 73,108 --------------- Total income 1,15,099 --------------- It follows that the assessee was entitled to the relief u/s 80T in respect of that amount of capital gains which is a component of the total income and the assessment made by the ITO was quite correct and did not require any interference. The order of the Commissioner was, therefore, unwarranted both on facts and on a plain readin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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