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2010 (9) TMI 277 - HC - Income TaxDividend income - Commissioner of Income Tax (Appeal) in treated the dividend earned to be exempt from income tax in view of the provision of Section 10 (33) of the Income Tax Act, 1961 as it existed during the relevant year - Subsequently there is trading loss - Held that: - Standing Counsel has very fairly submitted that since the period involved in the present appeal is of assessment year 2001-02 i.e. prior to the 1st April, 2002 before insertion of Section 94 (7) of the Act the business loss suffered by way of sale of shares , mutual funds , security, etc. could not be ignored in view of the decision of the apex Court in the case of Commissioner of Income Tax Vs. Walfort Share and Stock Brokers P. Ltd., reported in (2010 -TMI - 76751 - SUPREME COURT) and the question involved in the present appeal is squarely covered by the aforesaid decision in favour of the assessee - Appeal is dismissed
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