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2003 (1) TMI 69 - HC - Income Tax"Whether Tribunal was justified in directing the Assessing Officer to compute the total income of the assessee without applying the provisions of Explanation to section 73 when the loss in share trading exceeded the income from other sources and the loss was a loss from speculative business contrary to the finding of the Income-tax Appellate Tribunal that the loss is not a speculative loss ?" - in our view, both the Commissioner (Appeals) and the learned Tribunal proceeded on an erroneous view of the proposition of law in respect of section 73 which in sub-section (1) makes it clear that speculation loss cannot be set off except against a speculative profit permissible of being carried forward for being set off in the subsequent years stretching to a period of eight years and not otherwise, unless the test of the Explanation is satisfied, which, in our opinion, is not being satisfied in the present case. - Therefore, the reference is answered in the negative, in favour of the Department.
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