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2002 (8) TMI 31 - HC - Income Tax"Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was correct in law in holding that the business loss brought forward from earlier years should be set off towards the dividend income?" - The adjustment of the carried forward loss under the 1922 Act as also under the 1961 Act is against the profits and gains of business or profession. Neither Act while referring to that adjustment refers to the heads of income. - the amount of dividend would form part of the income from the business of the assessee if the shares were a part of the assessee's trading asset even when the dividend received on those shares had been computed as being part of the assessee's income under the head "Other sources". - "business loss carried forward from earlier years can be set off against the dividend income derived from the shares held as stockin-trade". - The question referred to us is answered in favour of the assessee and against the Revenue.
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