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2004 (7) TMI 25 - HC - Income TaxSpeculation loss - carried forward and set off against any income of any other speculation business – revenue pointed out that in view of sub-section (1) of section 73, this speculation loss could be set off against an income from another speculation business nor from the same business – Held that This is a case which comes within the purview of sub-section (2) of section 73 under which this speculation loss of the previous year 1996-97 could be brought forward in the year following, viz., 1997-98, and be set off against the income from any speculation business which includes the same speculation business but carried on in the year following (1997-98) against which the loss for the year 1996-97 could be set off. - In this case, sub-section (1) of section 73 does not apply.
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