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2013 (4) TMI 549 - HC - Income TaxRe opening of assessment - whether the petitioner is entitled to set off the losses of the business in share trading activities under Section 73? - Held that:- It is admitted between the parties that principal business of the petitioner is earning interest on the advances and loans. It also carries on business of purchase and sale of shares from the income derived from the interest. Under the Explanation to Section 73, the business of purchase and sale of shares by the petitioner is speculation business. As decided in CIT Vs. M/S Narain Properties Ltd. [2012 (6) TMI 38 - ALLAHABAD HIGH COURT] the petitioner is covered under Explanation to Section-73 and is entitled to set off the losses from sale and purchase of the share against the profits of the business of the company from loans and advances. Thus proceedings for re-assessment are quashed. In favour of assessee.
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