2007 (3) TMI 145

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..... he revenue contention was not correct and set aside
JUDGMENT The judgment of the Court was delivered by CHITRA VENKATARAMAN,J. This appeal is by the Revenue against the order of the Tribunal, raising the question as to whether the Tribunal was right in holding that the short-term capital loss should not be deducted from the profits for the purpose of computation of deduction under Section 80 .....

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..... before this Court. 4. Learned senior standing counsel appearing for the Revenue submitted that the Tribunal committed an error in its view that the income from business for the purpose of Section 80 HHC should be computed as per Section 28 of the Income Tax Act and that the capital loss should be excluded from the business income for computing the deduction under Section 80 HHC. She also pointed .....

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..... ore going in for the deduction under Chapter VIA, on the interpretation given to the scheme of Section 80 HHC with reference to Section 80 AB, read with Section 80 B(5) that it has overriding effect over all other Sections in Chapter VI A and the computation of total income in accordance with the provisions of the Act, we reject the contentions of the revenue and thereby dismiss this appeal. 7. .....

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