Deduction U/s. 54EC to be allowed before set off of brought Losses – ITAT Mumbai

The Tata Power Co. Ltd. Vs Addl. CIT (ITAT Mumbai) – 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. In this view of the matter, the question of setting off brought forward long term capital loss arises only after the income under the head capital gains is computed and that the processing in computing the income under the head capital gains must also taken into account section 54EC as well. IN ...