Held that exempted incomes do not enter into the computation of total income and hence such incomes are not available for set off of any loss. Accordingly, the short-term capital loss from shares could not have been set off against any tax-exempt income.   Chapter III prescribes incomes that are not to be included in the total. Accordingly, the Revenue was not justified in disallowing the assessee’s claim for carry forward of loss, by setting off same against long-term capital gains from shares that were tax-exempt under section 10(38) of the Act.  (AY. 2016-17)