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HC upholds long term capital gain exemption prior to set off of long term capital loss
Case Law Details
- Case Name
- Commissioner of Income Tax Vs Vijay M.Mahtaney (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Madras High Court
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Issue- Whether while computing the capital gain, exemption available under the head Capital Gain should be given effect and then only the provisions for set off and carry forward of losses should be applied under the Act?
Facts :- It is seen from the facts narrated that the assessee herein made a long term capital gain to the tune of Rs.6,42,22,435/‐ on the sale of shares. Admittedly, the assessee had invested the long term capital gains in REC Bonds to the tune of Rs.6,50,00,000/‐. Apart from this, there were long term capital loss on sale of shares and immovable properties which were cla...
