TMI Blog1979 (2) TMI 192X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee, who is an individual, was assessed for the assessment year 1973-74. She had a sum of ₹ 38,780 as long-term capital gains. In computing the relief due to the assessee under the provisions of s. 80T, the assessee took capital gains at ₹ 38,780 and after deduction of the exemption of ₹ 5,000, under s. 80T, there was a balance of ₹ 33,780, and, according to the assessee, the fifty per cent. rebate that is provided under s. 80T should be on this sum of ₹ 33,780. The ITO did not agree with this submission. He accepted the figure of capital gains as ₹ 38,780, but adjusted as against it a sum of ₹ 11,395 determined as capital loss in an earlier year and available for adjustment in this year. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d rupees ; (ii) fifty per cent. of the amount by which the long-term capital gains relating to any other capital assets exceed five thousand rupees : . . . . . . . . . It is unnecessary to reproduce the rest of the provisions. The expression gross total income occurring in the above provision is defined under s. 80B(5) as follows : ' Gross total income ' means the total income computed in accordance with the provisions of this Act, before making any deduction under this Chapter or under section 280-O. The contention for the department is that the gross total income has to be computed in accordance with the provisions of the Act and that if we do so, then the capital loss would get adjusted a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore arriving at the figure from which the 8 per cent. contemplated by the above provision is to be deducted. The Supreme Court did not approve of a decision of this court in CIT v. L. M. Van Moppes Diamond Tools (India) Ltd. [1977] 107 ITR 386. The only difference between s. 80E considered by the Supreme Court and s. 80T now under consideration, is that in s. 80E itself the definition, which is now provided in s. 80B(5), was incorporated. In other words, the expression as computed in accordance with the other provisions of this Act found in brackets in s. 80E is now to be found in s. 80B(5). The reasoning of the Supreme Court would thus directly apply to the present provision. There is, however, an earlier decision of this court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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