Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2010 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (10) TMI 222 - HC - Income TaxSet off and carry forward of speculation loss - Held that: the assessee admittedly is a company and does not fall within the excepted category of the companies as mentioned in the said explanation. Therefore, the benefit of setting off and also carry forward of losses in speculation business as mentioned in sub-section 1 and sub-section 2 of the section 73 is permissible in respect of other companies which are not excepted companies as against the other head of speculation. - In other words by virtue of the legal fiction mentioned in explanation the appellant company will not be entitled to benefit of setting off or carry forward except as against the other speculation business. Manipulation of business income - The departmental Circular cannot be always a guide for interpretation and it can be guide when there is an ambiguity and if the Court without any difficulty come to a conclusion that the provision of the Statute is workable and can be applied the Court need not look into any material - it is settled position of the law the interpretation of the fiscal statute should be literal and no liberal nor hypothetical interpretation is permissible - Decided against the assessee
|