Madras HC Upholds Sec 54EC exemp before set-off of long term capital loss

Exemption u/s 54EC for investment in specified bonds available on long term capital gains (LTCG) before set-off of long term capital loss (LTCL); Rejects Revenue’s contention that effect of Sec 70(3) (loss set off) to be given before Sec. 54EC; Sec. 54EC not on different footing vis-a-vis similar sections (like Sec. 54/ 54EA/ 54EB) despite no specific mention of Sec. 54EC in Sec. 45(1) : Madras HC holds in the case of Vijay M.Mahtaney

54EC Exemption before set off of loss us 70(3)-Madras HC

Mumbai ITAT in The Tata Power Co. Ltd’s ruling had held that exemption u/s 54EC was available before set off of capital loss.

Mum ITAT in TATA Power on 54EC bef Set off of Cap loss

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